Macao removed from EU watchlist on tax cooperation 28 March 2019. The 6% VAT rate will remain unchanged (see table). *In case the goods are exported from or through a bonded zone, the 30/06/2019 deadline refers to the export date on the record list of outbound goods issued by the customs at the time of departure. Declared value was $1.00 dollar. 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. Following the announcements made in the annual Work Report delivered at the Two Sessions, the Ministry of Finance, State Taxation Administration, and General Administration of Customs have jointly issued a series of new policies on value-added tax (VAT). Tax Policy Department . 3 July 2019. Can not be resold to us, or anyone. 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. For taxpayers incorporated after April 1st 2019, the above sales revenues criteria refer to data registered during the three months following April 2019 deadline. 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. China Cuts VAT To 13 Percent To Staunch Aluminium Capacity Cuts. 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 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. China's general VAT rate is 17%, with other rates including 13%, 11%, 6% and 3% that can apply to certain transactions.. Post was not sent - check your email addresses! SPAIN - VAT rate applicable to property acquisitions. The Fapiao´s appearance is quite close to the appearance of a western bill. As from 1 April, the VAT refund rate for purchased goods will be 11% if the goods are subject to a 13% VAT rate; the refund rate will be 8% if the goods are subject to a 9% VAT rate. Mar. It applies to most goods and services. 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); 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. China Briefing is produced by Dezan Shira & Associates. 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. 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. 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, Please contact our tax specialists for advisory on your situation: https://www.dezshira.com/services/tax, Your email address will not be published. and grow their operations. The standard VAT rate is 23% – Temporarily Reduced to 21% . 3 July 2019. 1 October 2019. As before, for the 0% rate, no refund is allowed. NO WE EXPORT THIS NEW PRODUCT MADE, EXPORTED FOR 90 USD. Required fields are marked *. 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. 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