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BBCC Consulting LTD | Value Added Tax (VAT). VAT Planning and VAT Return: Negotiation with local and foreign authorities
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Value Added Tax (VAT). VAT Planning and VAT Return: Negotiation with local and foreign authorities

Value Added Tax (VAT). VAT Planning and VAT Return: Negotiation with local and foreign authorities.

The regulatory bodies on tax matters in China are the following:

● Council of State.

● Ministry of Finance.

● State Tax Administration.

● Local tax authorities.

Types of taxes in China:

● Corporate tax: The unified tax rate is 25% for local and foreign companies and a reduced rate of 20% for small businesses and small incomes.

● VAT (VAT): 17% for general taxpayers.

● VAT (VAT): 13% reduced on sale and import of basic goods.

● VAT (VAT): from 4 to 6% for taxpayers or companies with a reduced size.

● VAT (VAT): 0% for goods imported as financial aid from foreign governments and international organizations, equipment for scientific experiments and second-hand goods.