This issuance of Tax China Newsletter mainly includes:
The VAT rates of 17% and 11% are adjusted to 16% and 10% respectively
More Enterprise Income Tax preferential policies are introduced for the expenditures of employees' education and purchase of equipment etc.
The relevant supporting documents of asset losses are not required to be submitted to the competent tax authority, but the enterprise shall keep them for future reference and inspection
SD levied on the total amount of paid-in capital and capital reserve at 0.05% is halved since May 1, 2018
Adjustment on the criteria of small scale VAT payer and its relevant rules for implementations
A number of policies changes in customs rule so as to simplify the customs procedure and enhance the administration on enterprises etc.