12 Sept 2018
Are mainland-registered small businesses entitled to pay VAT at a reduced rate?
According to the current regulatory requirements, any business with an annual taxable turnover of RMB5 million (US$733,000) or below may apply to their local supervisory tax department for registration as a small-scale taxpayer. The VAT rate currently applicable to registered small-scale taxpayers is 3% (except for certain projects that may be subject to a rate of 5%), a rate well below those imposed on larger businesses.
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