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Are small and micro businesses entitled to preferential VAT treatment?

Photo: Are small and micro businesses entitled to preferential VAT treatment?
Photo: Are small and micro businesses entitled to preferential VAT treatment?

In order to support the development of small and micro businesses, the Ministry of Finance and State Administration of Taxation issued a joint circular announcing that, for the period 1 January 2018 to 31 December 2020, small-scale VAT taxpayers selling goods or services (such as processing or repair/maintenance) with a monthly turnover of RMB30,000 or less, as well as those selling services and intangible assets with a monthly turnover not exceeding RMB30,000, are entitled to be exempt from VAT levies.

For further details, please visit the following links:

VAT Exemption for Small Businesses Extended Until December 2020

Content provided by Picture: HKTDC Research
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