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country-icon China

01.20.23

Exempt VAT for small scale taxpayers till 31 Dec 2023

China's State Administration for Taxation recently published a notice on VAT incentives for small taxpayers. From January 1 to December 31, 2023, small businesses with monthly sales under 100,000 yuan will be exempt from VAT.   Furthermore, the STA clarified that from January 1, 2023, until December 31, 2023:  
  • Taxpayers in the production services industry can benefit from an additional 5% VAT deduction based on the input VAT deducted in the current period.  
  • Taxpayers in the lifestyle services industry can benefit from an additional 10% additional VAT deduction based on the deductible input VAT in the current period.  

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