Value-added tax on agricultural products and some other goods will be reduced starting in July, the Ministry of Finance said on Wednesday [3 May 2017]. The value-added tax rate faced by companies to import or sell agricultural products will be reduced from 13 percent to 11 percent, according to an online announcement by the ministry…Full Article: China Daily May 2017
- In July 2017, importers and distributors of forage (i.e. animal feed) and vegetable oil products will pay the reduced rate of 11%. In general, China will adopt a VAT rate of 17%, 11%, and 6% for imported goods (13% will be eliminated).
- According to the State Administration of Taxation (SAT), China’s basic value added tax (“VAT”) is 17% which is generally paid within a month.
- In August 2015, China’s Ministry of Finance, Central Administration of Customs and State Administration of Taxation announced it would resume imposing value-added taxes on fertilizer sales and imports (halted in 1994).
- In 1994, China exempted fertilizer sales and imports from VAT in order to maintain a stable fertilizer supply and prices.
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