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Nondeductible Input VAT After All Business Taxes Are Changed to VATs

Effective from 1 May 2016, VAT reform is expanded to all services and nationwide in P.R. China.

However, not all the VAT can be deducted even the special official receipts could be obtained from the new VAT taxpayers. Input VATs of the following items are not deductible: 1) The catering and passenger transportation service; 2) The hotel expenses for entertainment; 3) The loan interest.
 
Lee & Lee Associates Insight:
 
1) A checklist for the non-deductible input VAT items is strongly recommended to prepare to remind the taxpayer’s accountants;
2) Special VAT official receipts from the new VAT payers needs to be obtained for the deductible items such as office suppliers, car and office rental, utilities, property management, training, road roll, etc.
 
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