The Chinese authorities have confirmed they will reduce the rate of VAT on the manufacturing industry from the current 16% down to 13% as of 1 April 2019.
For the transportation and construction industries, VAT will be reduced to 9% from 10% to help reduce tax burdens on the manufacturing sector and small businesses. The 6% value-added tax for other industries will remain unchanged.
This story was originally posted on VAT Life, Quipsound’s quarterly newsletter in association with Essentia Global Services. Click here to see the story and more on VAT Life.