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New VAT Exemption Policy for Small-scale VAT Payer

On 19th April 2016, SAT issued the 23rd Announcement. It specifically regulated the exemption of VAT for small-scale VAT payer after switching from Business Tax to VAT. The small-scale VAT payer should separately account for the 2 categories of revenue – 1) the sales for selling goods, provision of service of processing or repair, and, 2) the services or sales of intangible assets. During the period from 1 May 2016 to 31 December 2017, VAT shall be exempted for the revenue if that category revenue is less than RMB 30,000 per month (or quarterly RMB 90,000 if declared quarterly).

Lee & Lee Associates Insights: Small-scale VAT payers should make the most of this privileged VAT policy by just separately accounting for the 2 categories of revenue.

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