Announcement on New Policies of VAT Reduction and Exemption
The State Administration of Taxation released the latest value-added tax (VAT) reduction and exemption policies on Jan 10th 2023. We have refined the following points for you:
- The VAT rate for small-size taxpayers is reduced from 3% to 1%;
- The quarterly income of small-size taxpayers: if the income is not exceed RMB 300K (including RMB 300K) in total for special invoices and general invoices, the VAT for the company whose income of general invoices should be exempt , and the income of special invoices shall be taxed by 1%;
- The previous tax exemption policy for quarterly income not exceeding RMB 450K will no longer apply.
After the comparison of the new and old policies, the vested interest of small-size taxpayers is the reduction of tax rate, but for enterprises with a total quarterly income of among RMB 300K to RMB 450K, the tax on general invoices are increased actually. So how to catch up the new policy and use the best advantage and make reasonable contribution, please contact us for the tax suggestion.
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