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Tax China Newsletter - March / May 2018

China - 

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.