China levies Value-Added Tax (VAT) on a wide array of products and services, ranging from the importation of goods to financial services such as deposit account interest. This tax is levied on goods and services at each stage of production and distribution, based on the value added during th...
The VAT payable by general taxpayers shall be the balance of output tax for the period, after deducting the input tax for the period. The formula is: VAT payable = output VAT – input VAT Output VAT is calculated based on the value of the taxpayer’s sales. The formula is: Output VAT ...
the former taxation system undertook an overall and structure reform. On December 13, 1993, the S...
a special VAT invoices must be obtained from the seller or a payment certificate from the custom duty after the importation. Only normal rate taxpayer can obtain the blank VAT