China: VAT rate reduction as of May 1, 2018

The major amendments, announced jointly by the Ministry of Finance and the National Tax Administration, will cover the 17% VAT currently paid on the sale of goods at 16%, while the current 11% VAT payable on imports of goods will fall to 10%.

The rate at 6% remains unchanged.

This reduction in VAT rates is part of an overall tax reduction programme.

Source(s): ACTE Network | www.china-briefing.com | www.chinatax.gov.cn