This is based on the newest government document released on September 30, 2019 and will be contingent on the taxpayer’s life service sales accounting for more than 50 percent of their total sales. China also has some zero-rated goods, the sale of which must still be reported on your VAT return, even though no VAT is charged. 11, 2019 by Staff. For general VAT payers, input VAT can be credited against output VAT. Beginning April 1, 2019, taxpayers who were originally subject to VAT rates of … If a territory does not have a VAT or similar tax, then a rate of 0% is used for heat map purposes. Guide to China VAT System - Calculation of VAT Rebates. Example 2: In situations where a general VAT taxpayer has not issued VAT invoices for taxable income generated before April 1, 2019 but needs to issue such invoices on or after April 1, 2019 – the VAT invoicing will be done at the old tax rate. The 10 percent deduction rate on agricultural products purchased by taxpayers will be adjusted to 9 percent. The standard tax rate is 17% with certain necessities taxed at 13%. If those taxpayers were established before March 31th 2019, the sales revenue mentioned above shall refer to the sales revenue recorded during the period from April 2018 to March 2019. Following the 2012-16 VAT reforms, there are only four VAT rates in China, plus nil rating. and grow their operations. For taxpayers incorporated after April 1st 2019, the above sales revenues criteria refer to data registered during the three months following April 2019 deadline. Macao removed from EU watchlist on tax cooperation 28 March 2019. Enterprise income tax rates. Briefing of VAT Under China's Tax System . (See the end of the article for more details of this temporary VAT reduction. June 2019. The standard rate of VAT is 13%. Here, we highlight five major changes to the new VAT policies. Refer to various service activities that meet daily life demands for urban and rural residents, Monthly sale ≤ 100,000 (Quarterly sales ≤ 300,000), From the beginning of the fiscal period (April 2019), the increased. The taxpayer’s tax credit rating is either A or B; No notice of tax evasion/avoidance by the Bureau in the previous 36 months. The tax position during the changeover period has been further clarified to ensure a smooth transition into the new VAT rates. The People’s Republic of China Tax Facts and Figures 2019 I 5 Overview An overview of PRC taxes The People’s Republic of China levies a wide range of taxes including income taxes (corporate income tax and individual income tax), turnover taxes (value added tax and consumption tax), taxes on real estates (land appreciation tax, real estate tax, Basic postal services are mail delivery, postal remittance, and classified mail correspondence. The 13 percent tax is available for certain goods that fall mainly within the categories of agricultural and utility items, while the 17 percent tax applies to other goods subject to the VAT tax. Taxpayers simultaneously meeting the conditions of all the below requirements are now entitled to enjoy a refund for overpaid China VAT; All of the above significant actions brought by the Chinese Authorities have come to effective for more than two weeks. The new VAT … The 6% VAT rate will remain unchanged (see table). HOW, Question: Generally, the prescribed time limit for paying VAT is 1 month. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. (Editor’s Note: This article was originally published on April 18, 2019. China Alert issue No.8. Value-added tax - applies to the sale of goods, except real estate properties, and the provision of labour services in relation to the processing of goods and repair and replacement services within China. There are other taxes, including Business Tax (3% to 20%) on services. 13), small-scale taxpayers involved in VAT taxable behavior with a total monthly sales less than 100,000 Yuan (quarterly sales of less than 300,000 Yuan), can be exempted from China VAT. Can you explain this please? As of January 1st, 2019, you’ll enjoy lower tax rates set to 15%, 25%, and 50%, depending on the products you plan to sell. The VAT MOSS exchange rates ending December 2019 have been added. The new rates implemented in Bulletin 15 are 13%, 9%, and 0%. ... With effect from 1 April 2019, input VAT amounts with a tax rate of 9% (e.g. See the territory summaries for more detailed information (e.g. Value – Added – Tax. The standard rate of VAT. CMAI sent a part back to the manufacturer to be looked at. It applies to most goods and services. Declared value was $1.00 dollar. In other words, businesses operating in China can now enjoy the removal of up to 13% tax rate from the existing tiers 16%, 13%, 11% and 6%. The rate increases affect a broad range of sectors such as agriculture, animal husbandry, food processing, chemicals, plastic and rubber, paper, ceramics, iron and steel, and non-ferrous metal. The VAT MOSS exchange rates ending December 2019 have been added. For agricultural products purchased by taxpayers for production or commissioned processing, the input VAT will be calculated at a 10 percent deduction rate; previously, it was subject to VAT at 13 percent. Refer to the business activities that provide technical and informative services, in respect of manufacturing, cultural industries, and modern logistics industry. 3 July 2019. A 3 percentage-point cut to VAT could deliver a boost worth up to 600 billion yuan ($90 billion) or 0.6 percent of GDP, according to estimates by … The standard VAT rate is 20% VAT rates for goods and services The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%). announced a reduction in its headline VAT rate from 16% to 13%, together with a reduction of its 10% VAT rate to 9%. Readers may write to china@dezshira.com for more support on doing business in China. Taxpayers shall set up separate accounts to track the movement of the additional deduction and its balance. Small-scale taxpayers can even enjoy the benefit of tax exemption. VAT rates to be reduced 5 March 2019 From April 1, 2019, a business registered as a general VAT taxpayer can claim the full input VAT credit all at once for purchases of real estate and construction services. China's general VAT rate is 17%, with other rates including 13%, 11%, 6% and 3% that can apply to certain transactions.. Premier Li Keqiang recently confirmed that those rate reductions would take effect from 1 April 2019. In instances where a territory has a consumption tax similar to a VAT, that tax rate is provided. Premier Li Keqiang recently confirmed that those rate reductions would take effect from 1 April 2019. Post was not sent - check your email addresses! The Ministry of Finance, the State Taxation Administration, and the China Customs Head Office jointly announced April 1st 2019 as date for the entrance into force of the new measures. The normal rate of 23% was cut to 21% as part of the Government July stimulus package. Notify me of follow-up comments by email. You can find how we use these by clicking “More info” or click “Accept” to agree, Guide - 03 April 2020. China Plans $90 Billion Cut in VAT for Manufacturers Bloomberg News March 4, 2019, 4:57 AM EST Updated on March 4, 2019, 7:58 AM EST The General taxpayers’ VAT rate varies from 6 to 17%, and small taxpayers pay a rate of only 3%. SIR BP Zhuhai Chemical company in south China's Guangdong Province saw its VAT reduced by 14.02 million yuan (about 2.04 million U.S. dollars) in April thanks to the tax reduction. As before, for the 0% rate, no refund is allowed. Products shipped with direct shipping, like China Post or EMS, are taxed in the same way. The new polices, which took effect on April 1, 2019, aim to enhance economic activity in certain sectors by lowering VAT rates and increasing VAT credits. The Individual Income Tax in China (commonly abbreviated IIT) is administered on a progressive tax system with tax rates of 45 percent.As of 2019, China taxes individuals who reside in the country for more than 183 days on worldwide earned income. 1 day, 3 days, 5 days, 10 days, 15 days and 1 quarter, of which the prescribed time limit of 1 quarter only applies to the small-scale taxpayer. This includes reviewing the purchase and sales contract with suppliers and customers as well as internal software – such as their VAT invoicing and ERP system. KPMG’s . bus, boat) can be deducted from the total tax liability of … The system is separate from the income tax system of Hong Kong and Macau, which are administered independently. Please contact our tax specialists for advisory on your situation: https://www.dezshira.com/services/tax, Your email address will not be published. China VAT 13% Reduced rates; zero-rated supplies; exempt supplies No Fiji Islands VAT 9% Zero-rated supplies; exempt supplies No India GST 5%–28% Zero-rated supplies; exempt supplies Yes Indonesia VAT 10% Zero-rated supplies; exempt supplies No Japan Consumption tax 10% from 1 October 2019 Reduced rate (1 October 2019 onwards); Paying VAT in China. The two reduced VAT rates are 9% and 6%. According to the VAT reform regulations, [2] for qualified property leasing, landlords [3] may opt to pay either 5% VAT or 11% VAT; for the leasing of other properties, 11% VAT … The applicable VAT rates (for general VAT payers) from 1 April 2019 are set out in the following table, and the rate for small-scale VAT payers is 3%. First Chinese taxation teacher training session of the Belt and Road Tax Administration Promotion Alliance recently held. 3 July 2019. Exported goods that used to follow the China VAT rate of 16% and with an export tax refund rate equal to 16% shall adjust to the new rate for manufactured and traded goods set at 13% now. Taxable activities VAT rate … China will cut the rate of value-added tax (VAT) for manufacturers to 13 per cent in 2019, from the current level of 16 per cent, according to a budget report issued at the opening of the country's annual meeting of parliament on Tuesday. China announces detailed VAT reform measures Updated: Mar 22,2019 7:10 AM Xinhua BEIJING — Authorities announced detailed measures to implement the country’s value-added tax (VAT) reform on March 21 to further reduce the tax burden on various industries. New 13 per cent value-added tax rate announced by Premier Li Keqiang on Tuesday still higher than in competitors across Asia. Visitors to China can qualify for a VAT refund on all purchases made for export - learn more about China VAT refunds here. On 28 January 2019 the Spanish Directorate General of Taxation (DGT) ruled on the VAT rate applicable to different investment structures used by a company in the real estate sector. 16 percent and 10 percent imports or exports of goods and services, Starting a Business in China: When to Choose a FICE Model, How a China Slowdown Could Affect Your Business, Dezan Shira & Associates' Service Brochure, China’s New IIT Rules: A Guide for Employers. This will largely benefit manufactures as well as consumers. bus, boat) can be deducted from the total tax liability of the taxpayers. Steven Huczek-Operations Manager steven.huczek@cmai-ind.com, Thank you for your inquiry. In western countries issued bills state the VAT amount, in China it is the so called Fapiao. It was last updated on October 14, 2019.). Subject to the Announcement No.31 of 2019 released by the State Administration of Taxation on September 16, this will apply to domestic transportation taken by employees who have entered into a labor contract with their employee as well as dispatched staff employed by the company. No one understands a business in China like we do, Copyright © 2008-2020 Hawksford. ERP Advisory, Payroll, and Accounting Systems, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window). With effect from 1 April, the VAT rates for VAT taxable supplies and import of goods for general VAT payers will be reduced from 16% to 13% and 10% to 9% respectively. The tax exemption increase from 30,000 Yuan to 100,000 Yuan, enlarging the scope of VAT benefits to a wider number of small-scale companies as showed in the below table: Exported goods that used to follow the China VAT rate of 16% and with an export tax refund rate equal to 16% shall adjust to the new rate for manufactured and traded goods set at 13% now. Exported goods and cross-border taxable services that used to be assigned to the 10% VAT rate and with export tax refund rate set at 10%, shall adjust to the new 9% VAT rate as of June 30th, 2019: Goods export before 2019/06/30, the refund rate shall be subject to the export tax refund rate 16% (or 10%), Goods export after 2019/06/30, the refund rate shall be subject to the adjusted export tax refund rate 13% (or 9%), *The 30/06/2019 deadline refers to the export date on the customs declaration report. Definition of VAT. VAT rates Information on the rates of VAT and a search facility for VAT rates on various goods and services. Example 1: If a VAT invoice has been issued prior to April 1, 2019, any corresponding negative VAT invoice issued – due to sales discount, sales return, sales cancellation, or inaccuracies in the original VAT invoice – will also be subject to the old tax rate. In other words, businesses operating in China can now enjoy the removal of up to 13% tax rate from the existing tiers 16%, 13%, 11% and 6%. With the changes made since the 1994 tax reform, China has sought to set up a streamlined tax system geared to a socialist market economy. Previously, the old rule stipulated that the input VAT credits for purchases of real estate and construction services are claimed over a two-year period. If the company has an established ERP system, it is necessary to update the system to allow their staff to fill in input VAT amount (or calculate the input VAT automatically by the system) when the travel expenses reimbursement applications are filled in the system. Let’s have a look at how the tax rates apply for different product types. Table of 2019 value-added tax rates. Generally, if the VAT invoice was generated or issued prior to April 1, 2019, the old tax rate will apply – this point is illustrated and expanded upon in the examples below. Finally, enterprises are advised to share the new policy of input VAT credits for transportation services with staff to make sure they get proper support for their travel. China's announcements to raise tariffs on USD60 billion worth of U.S. imports and introduce a trial for exclusions 15 May 2019. Reducing VAT rates. Source: Nomura. The publication summarises the VAT… Mar. The applicable VAT rates (for general VAT payers) from 1 April 2019 are set out in the following table, and the rate for small-scale VAT … China VAT Rates 2017 In 2017, China went through its tax reforms which resulted to the China VAT refund rate being changed from four tiers to three tiers. They have not received refunds on their levy. All rights reserved, about How foreign companies should process taxes of non-trade outbound remittance in China, about IPO opportunities for overseas companies in London, Sales/ Imported goods, Labor services, Tangible personal property leasing services, Transportation, Postal, Basic Telecommunications services, Construction, Real estate Leasing Services, Transfer of Land use right, and Sale of Real Property. This will largely benefit manufactures as well as consumers. The standard VAT rate in China is 13%. Alternately, for taxpayers who can claim input VAT credits for domestic flights, rail, road, and waterway transportation services using supporting invoice or ticketing documentation and passenger ID information, the following formulas apply. Any China VAT taxable sales or imported goods that use the rate of 16% and 10% in the past should be adjusted to 13% and 9% from the effective date, respectively. The refund rate is 11% of the invoice value. The 6% VAT rate will remain unchanged (see table). businesses establish, maintain, SPAIN - VAT rate applicable to property acquisitions. Taxable activities VAT rate For taxpayers who fail to obtain a special VAT invoice, but can obtain an electronic general VAT invoice, the input VAT credit is the amount indicated on the electronic general invoice. including the most recent legal, tax and accounting changes that affect your business. Refer to business activities that China Post Group and its subordinate postal enterprises provide. 1 October 2019. Fapiaos. 1. Refer to business activities that provide voice communication service by using wired or wireless electromagnetic or optoelectronic system to transmit, receive (or apply) images & short messages, and other electronic data information. This page provides - China Sales Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China has confirmed it will reduce its standard VAT rate from 16% to 13% on 1 April 2019. Required fields are marked *. The VAT MOSS exchange rates ending September 2019 have been added. Mazars Newsletter - March 2019 On 5th March 2019, China Premier, Mr. Li Keqiang announced that the current VAT rates for manufacturing industries and transport and construction industries will be reduced as a measure to beef up the economy. train ticket, air flight ticket) or 3% (e.g. On March 20, 2019, the Ministry of Finance, the State Taxation Administration and the General Administration of Customs jointly announced a new package of VAT cut measures which came into effect on April 1, 2019. The Individual Income Tax in China (commonly abbreviated IIT) is administered on a progressive tax system with tax rates of 45 percent.As of 2019, China taxes individuals who reside in the country for more than 183 days on worldwide earned income. By way of context, in early March 2019, the Chinese government announced a reduction in its headline VAT rate from 16% to 13%, together with a reduction of its 10% VAT rate to 9%. Why would we be charged $72.38 VAT Tax? CHINA - Various further tax reductions in China and related implementation issues. The start of a new year tends to be a hectic time for foreign companies in China. In doing so, businesses should carefully review their agreements and processes to ensure this is in line with the new VAT policies. For travel expenses – enterprises are also advised to differentiate business-related travel from travel carried out for staff welfare purposes as the latter is not allowed for input VAT deduction. Between April 1, 2019, to December 31, 2021, taxpayers in the postal, telecommunications, modern, and life services will be eligible for a 10 percent additional VAT deduction based on deductible input VAT in the current period. In addition to the reduction of China VAT rate above, general taxpayers who are in the service sectors can enjoy an additional 10% deduction. PLEASE ADVISE IN CHINA WE HAVE PURCHASED CHEMICALS WORTH 100 AND PAID 13 RS VAT. In the past, when a company’s input VAT exceeds the output VAT, the excess VAT credits can be carried forward to offset the output VAT incurred in the next tax period. Fedex Tracking ID- 774981658983 25.6 lbs. Let’s have a look at how the tax rates apply for different product types. Stay Ahead of the curve in Emerging Asia. train ticket, air flight ticket) or 3% (e.g. Most importantly, the VAT reshaping in place since few years will assist Chinese manufactures struggling with tariffs disputes with the US, a slowing global demand and domestic debt exposure. The part is no good. On March 20, 2019, the Ministry of Finance, the State Taxation Administration and the General Administration of Customs jointly announced a new package of VAT cut measures which came into effect on April 1, 2019. BEIJING (Reuters) - Apple and luxury labels such as Gucci have lowered their prices in China after a cut in its value-added tax (VAT) rate came into effect from April 1. It proves, that VAT was paid for for the purchased product or service. A three-month transition period is granted until 30 June 2019 during which the old VAT refund rate is used if the goods were subject to a 16%/10% VAT rate when they were purchased. As of January 1st, 2019, you’ll enjoy lower tax rates set to 15%, 25%, and 50%, depending on the products you plan to sell. With effect from 1 April 2019, input VAT amounts with a tax rate of 9% (e.g. BEIJING (Reuters) - Apple and luxury labels such as Gucci have lowered their prices in China after a cut in its value-added tax (VAT) rate came into effect from April 1. Businesses registered as general VAT taxpayers can now claim input VAT credits for domestic passenger transport services and credit its input tax against its output tax. 1 ctn.at 26 pounds. We sent this Fedex Economy. The two reduced VAT rates are 9% and 6%. Moreover, for goods purchased by overseas visitors, the departure tax refund rate has now been adjusted to 11 percent and 8 percent from 13 percent and 9 percent, respectively. GST, sales tax, turnover tax), that rate is used. Our subscription service offers regular regulatory updates, 27 June 2019. According to the new statement, there is no adjustment within the tax items this year. Slideshow ( 2 images ) Beginning April 1, 2019, taxpayers who were originally subject to VAT rates of 16 percent and 10 percent imports or exports of goods and services, will now be subject to an adjusted 13 percent and 9 percent, respectively. During the period from 1/04/2019 to 31/12/2021, taxpayers within the following four service sector can enjoy 10% additional input VAT deduction to offset the VAT payable if their sales revenue from main businesses is beyond 50% of the total sales revenue. China Cuts VAT To 13 Percent To Staunch Aluminium Capacity Cuts. China has confirmed it will reduce its standard VAT rate from 16% to 13% on 1 April 2019. By way of context, in early March 2019, the Chinese government announced a reduction in its headline VAT rate from 16% to 13%, together with a reduction of its 10% VAT rate to 9%. Visitors to China can qualify for a VAT refund on all purchases made for export - learn more about China VAT refunds here. China also has some zero-rated goods, the sale of which must still be reported on your VAT return, even though no VAT is charged. Refunds = Invoice Value (VAT included) x Rebate Rate (11% - 2%) For instance, if one spends CNY 1000 in a store, CNY 90 (CNY 1000 x 9%) will be returned. CAN I GET FULL REFUND OF USD 13 PAID ? The standard rate of VAT is 13%. The standard VAT rate is 23% – Temporarily Reduced to 21% . This graph shows the monthly revenue from value-added tax (VAT) and consumption tax on import goods in China from October 2019 to October 2020. Sales Tax Rate in China averaged 16.40 percent from 2006 until 2020, reaching an all time high of 17 percent in 2007 and a record low of 13 percent in 2019. Under the new policy, businesses are able to enjoy a refund on their excess input VAT (meaning added cash flow for the company), if they are able to meet the following criteria: To prepare for these reforms, businesses are advised to reflect on how the new changes affect both their internal management systems and external business operations. exempt items, zero-rated items, items subject to a reduced rate, alternative schemes). The system is separate from the income tax system of Hong Kong and Macau, which are administered independently. For small entrepreneurs, the VAT rate applicable is 3% with limits on VAT deductions. If the incremental overpaid VAT for each of the six consecutive months (two consecutive quarters if taxed quarterly) is a positive number, and the incremental overpaid VAT in the sixth month is not less than RMB 500,000 (US$74,561); There has been no VAT fraud in the last 36 months prior to claim; There have been no penalties by tax authorities 36 months before its claim for VAT refund; and. Thanks, Tax Policy Department . March 5, 2019, 5:00 PM EST ... Manufacturing accounts for the largest portion of of China's value added tax revenue by sector, limiting Beijing's generosity . Conforming to the latest regulations of the Circular of the Ministry of Finance and the State Administration of Taxation on Implementing the Inclusive Tax Deduction Policy for Small and Micro Enterprises (TAX [2019] No. The People’s Republic of China Tax Facts and Figures 2019 I 5 Overview An overview of PRC taxes The People’s Republic of China levies a wide range of taxes including income taxes (corporate income tax and individual income tax), turnover taxes (value added tax and consumption tax), taxes on real estates (land appreciation tax, real estate tax, China Briefing is produced by Dezan Shira & Associates. NO VAT BEING EXPORT. Previous Article « Starting a Business in China: When to Choose a FICE Model, Next Article How a China Slowdown Could Affect Your Business ». 1 October 2019. Can not be resold to us, or anyone. However, 2% of the rebates are charged by the rebate agency as service fee. An individual is usually a small-scale VAT taxpayer subject to the VAT rate of 3%. The following are major moves China has taken since the start of the year, or are expected to take in 2019.-- Starting from April 1, the current VAT rate of 16 percent in manufacturing and other industries is cut to 13 percent, and the VAT rate in transportation, construction and other industries is lowered from 10 percent to 9 percent. 11, 2019 by Staff. 2019. A guide to VAT/GST in Asia Pacific 2019 A Guide to VAT / GST in Asia Pacific 2019 is an essential reference for quick and easy access to information on the Value Added Tax (VAT) and Goods and Services Tax (GST) systems across 17 countries in the Asia Pacific. Note that in instances where a territory has a consumption tax similar to a VAT (e.g. These changes would not only benefit a wide range of businesses and industries but also consumers and their demand supporting and stimulating the Chinese internal economy. In addition, based on the amount of VAT payable by the taxpayer, there are other six types of the prescribed time limit for paying VAT, i.e. All goods imported into China are subject to the nation’s value-added tax (VAT) of either 13 percent or 17 percent. Manufacturer is in China. Chinese Premier Li Keqiang on 5 March 2019 announced that the value added tax (VAT) rates of 16% and 10% that apply to the supply of certain goods and services would be reduced to 13% and 9%, respectively. Among regulatory changes nurturing China’s economy in the last few months, the further reduction of VAT rates is definitely gaining most of the attention as it involves a wide base of taxable items and industries. This site uses cookies to offer you a better browsing experience. NO WE EXPORT THIS NEW PRODUCT MADE, EXPORTED FOR 90 USD. China Cuts VAT To 13 Percent To Staunch Aluminium Capacity Cuts. VAT rates reduction With effect from 1 April, the VAT rates for VAT taxable supplies and import of goods for general VAT payers will be reduced from 16% to 13% and 10% to 9% respectively. Taxes provide the most important revenue source for the Government of the People's Republic of China.Tax is a key component of macro-economic policy, and greatly affects China's economic and social development. According to Li, China’s VAT rates will change as follows: The 16 percent VAT rate, which applies to the manufacturing sector, will be lowered to 13 percent; The 10 percent rate, which applies to construction and transport, will be lowered to nine percent; and; The six percent rate, which applies to services, will remain the same, but more deductions for the bracket will be introduced. A new round of value-added tax (VAT) cuts is set for April 1. The China VAT taxpayers are those individuals and enterprises that engaged in taxable services within the territory of the People’s Republic of China. China's general VAT rate is 17%, with other rates including 13%, 11%, 6% and 3% that can apply to certain transactions.. The standard VAT rate in China is 13%. Sorry, your blog cannot share posts by email. (Source: State Taxation Administration). With regards to the ERP system, businesses should review the VAT rates under the purchase and sales modules, inform key users of such changes, and perform regular checks to make sure the rates are chosen correctly. The firm assists foreign investors throughout Asia from offices across the world, including in Dalian, Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong. June 2019. ) innovative rule was firstly introduced by premier Li Keqiang on Tuesday higher! Was last updated on December of 2020 on March 5th during the changeover period been... For paying VAT is 13 %, and classified mail correspondence July stimulus package transition into new... Schemes ) taxable activities VAT rate in China it is the so called Fapiao article for detailed! 21 % VAT refund on all purchases made for export - learn china vat rate 2019 about China VAT here... For the next time I comment take effect from 1 April 2019. ) 4/16/19. Per cent value-added china vat rate 2019 rate is 23 % – Temporarily reduced to 21 % as part the! A trial for exclusions 15 May 2019. ) turnover tax ), that VAT was PAID for the! Here, we highlight five major changes to the VAT MOSS exchange rates ending September have! Our tax specialists for advisory on your company 's needs, Hawksford can work with you your... Taxpayers will be adjusted to 9 Percent direct shipping, like China Post or,... 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Teacher training session of the Government July stimulus package rate will remain unchanged ( see the territory for. Are charged by the firm its standard VAT rate is 11 % of Rebates! Still higher than in competitors across Asia similar tax, then a rate of 9 % ( e.g business Dezan.