China's Ministry of Finance and State Administration of Taxation have issued Announcement No. 39 of 20 March 2019, which provides for the recently announced VAT rate cuts, as well as certain other VAT-related changes. Changes include:
- For general VAT payers, the current 16% VAT rate is reduced to 13% and the current 10% rate is reduced to 9% (export VAT refund rates adjusted accordingly with transitional provisions)
- The input tax deduction rate is reduced from 10% to 9% for the purchase of …