To support the development of small and very small enterprises, on 28 October the Ministry of Finance and the State Administration of Taxation announced the Amendment of the PRC Value-added Tax Interim Regulations Implementing Rules and the PRC Business Tax Interim Regulations Implementing Rules Decision (MOF Order No. 65), which come into force from 1 November. The two sets of implementing rules amended pursuant to the decision were also published.
Value-added tax. According to the Decision and the amended VAT implementing rules, the VAT threshold will rise as follows: (1) for sale of goods, the threshold is a monthly sales volume of RMB5,000-20,000; (2) for sale of taxable labour services, the threshold is a monthly sales volume of RMB5,000-20,000; (3) for tax payment per tax liability, the threshold is a sales volume of RMB300-500 per tax liability (day).
Prior to the amendments, the VAT threshold was as follows: (1) for sale of goods, the threshold was a monthly sales volume of RMB2,000-5,000; (2) for sale of taxable labour services, the threshold was a monthly sales volume of RMB1,500-3,000; (3) for tax payment per tax liability, the threshold was a sales volume of RMB150-200 per tax liability (day).
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