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State Council Cancels Business Tax and Adjustments to VAT

State Council Cancels Business Tax and Adjustments to VAT

According to SAT Announcement n.36 provisions: starting from January 1, 2018, issues related to the continuation to deduct taxes indicated on the overdue VAT deduction vouchers must be subject to the approval granted by provincial level SAT offices; from November 1, 2017 if a taxpayer applies on a regular basis for paying both VAT and consumption tax, it only needs to specify the regular payment in the application materials prepared for this purpose, instead of submitting separate application materials for VAT and consumption tax; some amendments to the Announcement of the State Administration of Taxation on Issues concerning the Taxation Credit by Overdue Value-added Tax Deduction Vouchers are introduced and to its appendix (Administrative Measures for Overdue Value-added Tax Deduction Vouchers), effective as of January 1, 2018.

Furthermore, where the general VAT taxpayers have had relevant deeds but the VAT deduction voucher have not been verified, confirmed and audited within the required time limits because of objective reasons, they shall be allowed to continue to deduct the amount of tax in question, providing that the vouchers are considered conformable.

Corporate/Legal, Customs, Economy, HR, Tax