VAT Update by SINO
As part of the overall strategy to reduce corporate tax burden, the Ministry of Finance, the State Admininstration of Taxation and the General Administration of Customs jointly issued a circular (Circular [2019] No. 39) on March 20, 2019. Highlights of Circular 39 include the following:
- Reduction of tax rates
- Extra deduction and newly allowed deduction
- Refund of input VAT
The above changes brought about by Circular [2019] No. 39 take effect on April 1, 2019.
The full VAT Update can be downloaded below.
