Ministry of Finance and State Taxation Administration , PRC Value-Added Tax Law (Draft for Comments)

财政部、国家税务总局中华人民共和国增值税法 (征求意见稿)

December 20, 2019 | BY

Susan Mok

VAT tax period and rates are revised

Share:

Issued:November 27, 2019

Main contents: The value-added tax threshold is a quarterly sales turnover of Rmb300,000. Entities and individuals whose sales turnover does not reach the value-added tax threshold are not taxpayers for the purposes of the Law but may voluntarily opt to pay value-added tax in accordance with the Law.

The tax is levied at the three rates of 13%, 9% and 6%.

The tax period for value-added tax is longer and more convenient, with the