On 21 March 2022, China’s Ministry of Finance and the State Taxation Administration issued Bulletin [2022] No. 14 (Bulletin 14), which expands the scope of the more preferential refund policy for “newly increased unutilized input VAT” to small and micro-sized businesses in all sectors and medium and large-sized businesses in specified sectors. Prior to Bulletin 14, such refunds were available only to certain manufacturing businesses. Bulletin 14 also allows qualifying businesses a one-off refund of any unutilized input VAT incurred prior to 1 April 2019. Bulletin 14 is effective as from 1 April 2022.
Source Deloitte
Latest Posts in "China"
- EU and China Agree Trade Understandings on Tariffs, Hybrid Vehicles and Market Access
- China to Cut Export VAT Rebate for New Energy Vehicles
- China Reduces VAT Export Rebate for New Energy Vehicles from April 2027
- The Hidden Proxy Exposed: Tax Service Agent Helps Fake VAT Invoices
- Liuzhou Tax Bureau Penalizes Tax Service Professional for VAT Invoice Fraud Assistance
