Home / Knowledge / News / China increases threshold for VAT, business tax
China increases threshold for VAT, business tax
02
Nov '11
China's Ministry of Finance has increased the threshold for collecting value-added tax (VAT) and business tax in order to support the development of micro and small enterprises, as well as to reduce their tax burden.

The Ministry has revised the "Provisional Regulations of the PRC VAT Rules" and "Provisional Regulations on Business Tax Rules", with effect from November 1, 2011.

Under the "Provisional Regulations of the PRC VAT Rules", the Ministry has amended Article 37 para (2). The new threshold for collecting VAT on sales of goods and taxable services has been increased to monthly sales value of 5,000-20,000 yuan, while the threshold for VAT on sales value per day is 300-500 yuan.

Earlier, the threshold for VAT on sales of goods was on monthly sales value of 2000-5000 yuan. Similarly, the threshold for VAT on sales of taxable services was on monthly sales value of 1500-3000 yuan, and for VAT on sales value per day was 150-200 yuan.

Under the "Provisional Regulations on Business Tax Rules", the Finance Ministry has amended Article 103 para (3). After the revision, the threshold provisions of business tax rate for those who pay tax on schedule is monthly turnover of 5000-20000 yuan, and for those who pay tax on a daily basis, the daily turnover is 300-500 yuan.

Prior to the amendment, the business tax threshold for those who paid tax on schedule was monthly turnover of 1000-5000 yuan, and for those who paid tax on a daily basis, it was collected on a daily turnover of 100 yuan.

Fibre2fashion News Desk - China

Must ReadView All

Apparel/Garments | On 24th Apr 2017

ColDesi launches latest direct to garment printer

ColDesi, a pioneer in the direct to garment printer business, has...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Courtesy: NASA/JPL-Caltech

Textiles | On 24th Apr 2017

NASA designing advanced woven metal fabrics for space

Scientists at NASA are designing advanced woven metal fabrics for a...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search