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Two Authorities to Simplify and Consolidate Policies concerning VAT Levy Rates

2014-June-30       Source: Newsgd.com

The Ministry of Finance and the State Administration of Taxation have jointly released the Circular on Simplifying and Consolidating the Policies concerning the Value-added Tax (VAT) Levy Rates (the "Circular"), with effect as of July 1, 2014.

The Ministry of Finance and the State Administration of Taxation have jointly released the Circular on Simplifying and Consolidating the Policies concerning the Value-added Tax (VAT) Levy Rates (the "Circular"), with effect as of July 1, 2014.

According to the Circular, the provisions in Items (1) and (2) of Article 2 of Cai Shui [2009] No.9 which read: "VAT shall be levied at half of the 4% rate according to the simple method" are adjusted to read: "VAT shall be levied at the 2% rate after a reduction from the 3% rate according to the simple method"; the provisions in Item (3) of Article 2 and Article 3 which read: "VAT shall be levied at the 6% rate" are adjusted to read: "VAT shall be levied at the 3% rate"; and the provisions in Item (4) of Article 2 which read: "VAT shall be levied at the 4% rate" are adjusted to read: "VAT shall be levied at the 3% rate". In addition, the Circular clarifies that the provisions in Items (2) and (3) of Article 4 of Cai Shui [2008] No.170 which read: "VAT shall be levied at half of the 4% rate" are adjusted to read: "VAT shall be levied at the 2% rate after a reduction from the 3% rate according to the simple method".

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: 王凯

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