Type to search

VAT relief for small business

(ATF)  – The Ministry of Finance and the State Administration of Taxation has announced that due to pressure caused by the Covid-19 epidemic, they will reduce Value-Added  Tax (VAT) demands on small businesses.

Nationwide, VAT has been reduced from a prepaid 3% to 1%.

And business in Hubei, the province hit hardest by the coronavirus epidemic, have been given exemption from VAT for several months while people and businesses recover from the health crisis.

The new ruling will last from March 1 to May 31 for small-scale VAT taxpayers, the ministry said.

Chris Gill

With over 30 years reporting on China, Gill offers a daily digest of what is happening in the PRC.


AF China Bond