OrbitaxChina Provides VAT Exemption and Reduction for Small-scale Taxpayers in 2023 and Increased Input Deduction for Service Providers
|Approved Changes|China
China's Ministry of Finance and State Administration of Taxation, and Ministry of Science and Technology have jointly issued Announcement No. 1 of 2023 on a VAT exemption and reduction policy for small-scale VAT taxpayers. The policy includes:
- Small-scale VAT taxpayers with monthly sales of less than CNY 100,000 are exempted from VAT from 1 January 2023 to 31 December 2023; and
- The 3% VAT rat…
