The VAT increase will put a strain on small businesses.
增值税的上调将给小型企业带来压力。
Companies can reclaim the VAT they pay on business expenses.
公司可以申请退还因业务开支所支付的增值税。
The government plans to lower the VAT rate to boost consumer spending.
政府计划降低增值税率以刺激消费者支出。
Importers need to pay VAT on goods brought into the country.
进口商需对进口货物缴纳增值税。
Understanding VAT rules is crucial for anyone running an online business.
对于经营在线业务的人来说，了解增值税规则至关重要。
The invoice shows the price excluding VAT.
发票上显示的是不含增值税的价格。
VAT registration is mandatory once your annual turnover exceeds a certain threshold.
一旦年营业额超过一定限额，增值税登记就是强制性的。
Some items, like basic foodstuffs, are exempt from VAT.
一些商品，如基本食品，是免征增值税的。
The introduction of VAT has led to a significant rise in the cost of living.
增值税的引入导致生活成本显著上升。
Businesses collect VAT on behalf of the government and then pay it over.
企业代表政府收取增值税，然后再上缴。
He pointed out mounting frustration from tourists toward the current VAT refund process, including the paper-based refund form, long queues at the refund counter and the complicated refund process.
"We want to be a 'disrupter' in the VAT tax refund sector," said Jumabhoy, a veteran with over 25 years' experience in the sector and a major player in Global Blue and Planet, two dominant companies in the field.
The Singapore-based company first digitalized the VAT refund procedure, meaning tourists can do the major refunding process in an application, saving time and energy.
"Under the renovating business model, tourists can even get an 85 percent tax refund from their VAT refunds, which is a large amount of money compared to the 55-60 percent tourists receive today," Jumabhoy said.
The firm introduced an instant VAT coupon in the app which tourists can redeem in the second or third purchase in their partner store, which some industry insiders said is a "sustainable and profitable" business model both for the firm and its partners.
In terms of China's recent adjustment of the VAT rate, PetroChina said the policy would not affect the continuity of its business and regarded it as conducive to the healthy development of its business and improvement of its financial position.
Last month, China announced plans to lower its VAT rate.
Starting from April 1, the VAT rate for refined oil products dropped from 16 percent to 13 percent.
China's large-scale tax and fee reduction, including the government's reductions in VAT, one of the important measures for countering downward pressure, all present opportunities for foreign companies like Sabic, and "we will further deepen energy cooperation with old partners while continuing to seek new partnerships for sustainable development," he said.
Alipay wallet service is available in nine countries and regions, while a total of 80 airports in over 40 countries and regions support instant VAT refunds on Alipay.
"Of the three bids submitted for the award of a public procurement contract, the bidding community was selected - China Road and Bridge Corporation, CCCC Highway Consultants, CCCC Second Highway Engineering and CCCC Second Harbor Engineering with a bid price of 2.08 billion kuna (around $340 million) without VAT and the construction period of 36 months," Croatian Roads announced on Jan 12.
"Of the three bids submitted for the award of a public procurement contract, the bidding community was selected - China Road and Bridge Corporation, CCCC Highway Consultants, CCCC Second Highway Engineering and CCCC Second Harbor Engineering with a bid price of 2.08 billion kuna (around $340 million) without VAT and the construction period of 36 months," Croatian Roads said.
It had also attracted Austria's Strabag, whose offer was 2.62 billion kuna excluding VAT, and a joint offer of 2.55 billion kuna excluding VAT by the Italian company Astaldi and Turkey's IC Ictas.
The administration said that, according to overall figures calculated via value-added tax (VAT) invoices over the holidays, which ended on Wednesday, the consumption of both services and commodities increased by 28.7 percent and 19.5 percent year-on-year respectively, a sign that people's willingness to buy has increased.
Revenue from value-added tax (VAT) increased by 6.3 percent while revenue from consumption tax plumped by 18.4 percent compared with the same period last year.
Some 12,800 small, medium-sized and micro enterprises, as well as individual businesses enjoyed a VAT rebate of 16.49 billion yuan.
For certain small businesses, two VAT rates, currently levied at 3 percent, will be lowered to 1 percent.
Specifically, they can enjoy large-scale VAT (value added tax) refund policies like other enterprises," said Dai Shiyou, an official with the State Taxation Administration.
"The large-scale VAT credit refund has played a vital role in helping firms overcome difficulties and steadying the economy," Li said.
These preferential policies have taken effect in easing the financial burden on enterprises, value-added tax (VAT) invoices data shows.
From April to August, the sales revenue of enterprises enjoying VAT credit refunds increased by 6.9 percent year-on-year, 4.6 percentage points higher than that of enterprises not enjoying such refunds.
During the same period, the sales revenue of manufacturing enterprises enjoying VAT credit refunds expanded by 7.5 percent year-on-year, 4.2 percentage points higher than that of enterprises not enjoying such refunds.
Small and micro firms are the major beneficiaries of the country's tax and fee preferential policy package, accounting for 93.1 percent of the taxpayers enjoying VAT credit refunds during the April-August period.
To further shore up market entities, the country has recently expanded the coverage of VAT refunds to companies in seven more sectors, including wholesale and retail sales, agriculture, accommodation and catering.
To further shore up market entities, the country has recently expanded the coverage of VAT refunds to companies in seven more sectors, including wholesale and retail sales, agriculture, accommodation, and catering.
- China had refunded value-added tax (VAT) credit worth over 1.6 trillion yuan ($251 billion) by June 14 to free up much-needed cash for enterprises, official data showed.
The State Taxation Administration and five other government organs said their crackdown on tax fraud has seen progress, and will impose stern penalties on any attempt to defraud the country of VAT credit refunds.
China will extend VAT credit refunds to seven more sectors including wholesale and retail sales, agriculture, accommodation and catering from July 1.
Their comments came after the State Taxation Administration said on Friday that by Thursday, the country's total amount of newly increased tax cuts, VAT credit refunds and tax payment deferrals had exceeded 2 trillion yuan ($297 billion).
Between April 1－when the country's VAT credit refund was enacted－and June 9, outstanding VAT tax refunds to micro, small and medium-sized businesses have been completed.
He also said that from a geographical point of view, the scale of VAT credit refunds in East China is notably larger with its total amount of tax refunds reaching 739.1 billion yuan.
The scale of the VAT credit refund scheme has recently expanded to seven more industries on top of the previous six and will generate some 140 billion yuan of refunds.
In terms of financial support, Zhejiang — a hub of China's private economy — will further increase the scale of value-added tax (VAT) credit refunds to ensure that the existing refundable increments and outstanding VAT credit refunds will be basically finished by the end of June.
Support also will be stepped up for the implementation of national tax reduction policies, including a phased, value-added tax exemption policy for small-scale taxpayers, VAT credit refunds, deferred payments for some taxes and policies related to export tax rebates.
The country will speed up the tax refunds that can directly boost the cash flow of companies and mitigate their financial strain, Xu said, adding refunds of outstanding VAT credits to medium-sized and large enterprises will start ahead of schedule in May and June, respectively.
Efforts will also be made to support the implementation of national tax reduction policies, including a phased VAT (value-added tax) exemption policy for small-scale taxpayers, VAT credit refunds, deferred payments for some taxes and policies related to export tax rebates.
Amid headwinds, multi govt units line up to ensure support for enterprisesConcerted efforts from multiple authorities in supporting value-added tax (VAT) credit refunds to businesses will play a critical role for the country's smaller businesses facing strong headwinds, and are expected to tide them through challenging times, officials and experts said.
Wang Daoshu, deputy commissioner of the State Taxation Administration, said at a news briefing on Tuesday that in April, some 801.5 billion yuan ($119.2 billion) of the newly increased VAT credits have been refunded to taxpayers.
It said that VAT credit refunds will reach 1.5 trillion yuan this year and will all go straight to enterprises.
Jia Ronge, an official from the State Taxation Administration, said on Tuesday that small- and micro-sized businesses have been the major recipients and beneficiaries of this round of VAT credit refunds.
All outstanding VAT credits to micro and small enterprises (MSEs) and self-employed households will be refunded by June 30.
Meanwhile, the country is set to issue value-added tax (VAT) credit refunds on a larger scale in 2022, with priority to be given to micro and small firms and the manufacturing industry.
China's VAT credit refunds topped 420.2 billion yuan in the first half of April, benefiting 527,000 taxpayers, according to the State Taxation Administration.
Apart from VAT credit rebates and tax and fee cuts, this policy toolbox also includes tax and fee deferrals for small and medium-sized manufacturing firms, according to the State Taxation Administration.
On March 22, the Ministry of Finance and the State Taxation Administration jointly issued a document outlining the details of this year's VAT program for small and micro businesses.
Total VAT credit refunds are expected to amount to 1.5 trillion yuan ($235 billion), with priority given to micro and small businesses and the manufacturing industry, according to the document.
In its statement, the meeting noted that the program is intended as a relief program to support businesses directly and efficiently, as well as cultivate sources of tax revenue and meaningfully refine the VAT system.
VAT credit refunds given to micro and small enterprises, as well as to the self-employed, will amount to around 1 trillion yuan this year.
Outstanding VAT credits will be refunded to businesses in one lump sum by the end of June.
"Su pointed out that VAT credit refund credit is not new, but this year, refund proceedings will move faster and additional requirements will be removed, channeling liquidity where it is needed most.
Xie Wen, an official from the State Taxation Administration, said that this year's plan is an important institutional advancement to the national VAT taxation system.
Su said that manufacturing VAT credit refunds in particular will play a significant role in keeping the economy stable.
She explained that manufacturing businesses are also more likely to generate VAT credits that can be refunded later, adding that as the sector is also facing the three-fold pressure of shrinking demand, a supply slump and weakening expectations, the move is timely and will greatly relieve liquidity burdens.
The document has made clear that on top of paying 50 percent of the tax refunds under the current tax system, the central government will earmark 1.2 trillion yuan in transfer payments to set up three special funds to help local governments implement the VAT credit refunds and tax and fee cuts, which will assist in ensuring employment and basic living needs.
"Therefore, the 1.2 trillion yuan in transfer payments from the central government to local authorities will help ensure that VAT credit refunds are processed in a timely manner, and that funding at the local levels will be sufficient as well," she said.
According to an executive meeting of the State Council on Monday, China will start to fully refund newly-added VAT credits to some market players starting April 1, including micro and small enterprises, self-employed businesses and manufacturers.
Their outstanding VAT credits will be fully refunded in one lump sum this year.
The country will allocate 1.2 trillion yuan in transfer payments this year to support local governments implementing the VAT credit refunds and tax and fee cuts, safeguarding employment and ensuring people's basic living needs.
The VAT credit refunds, as the bulk of this year's favorable tax and fee policies, will directly provide cash flow for businesses, support their technological upgrade and equipment replacement and therefore effectively boost business growth and economic development, Xu said.
The advance allocation was made on Monday -- days before April 1, the scheduled date for the country to begin increasing the scale of value-added tax (VAT) credit refunds to bolster small businesses, Vice Minister of Finance Xu Hongcai told a press conference.
China's total VAT credit refunds are at approximately 1.5 trillion yuan this year, with nearly half of all refunds undertaken by local governments.
- Chinese authorities have issued a circular clarifying relevant policies to increase the scale of value-added tax (VAT) credit refunds, to support the development of small businesses and manufacturing and boost vitality of market entities.
According to the meeting, the VAT credit refund this year is worth around 1.5 trillion yuan ($235.56 billion).
VAT rebates will be scaled up for micro and small enterprises including individually-run businesses by extending the policy of refunding VAT in full to those eligible, according to the circular jointly released by the Ministry of Finance and the State Taxation Administration.
The country will also refund the balance of VAT credits to these firms, per the circular.
They explained that the arrangement will help alleviate cost burdens on micro and small businesses as well as enterprises in key manufacturing sectors, marking an important step for China's ongoing efforts to improve the system for refunding VAT credits.
Their comments came after an executive meeting of the State Council chaired by Premier Li Keqiang on Monday decided to refund VAT credits to micro and small enterprises, and self-employed households as general VAT payers across all sectors, worth around 1 trillion yuan ($160 billion), accounting for two-thirds of total VAT credit refunds this year.
Outstanding VAT credits will be refunded in one lump sum by the end of June.
Outstanding VAT credits will be fully refunded to enterprises engaged in manufacturing, research and technical services, power supply, heating, gas and water supply, software and information technology services, ecological conservation, environmental governance, transportation, storage and postal services.
Tao Jin, deputy director of the macroeconomic research center, the Suning Institute of Finance, said the meeting's arrangement is in line with the tasks mapped out by the 2022 Government Work Report, which said China will issue a total of 1.5 trillion yuan VAT credit refunds this year and all go straight to enterprises.
Such a substantial increase in VAT credit refunds will help strongly boost cash flows of enterprises and spur business investment, which will further boost businesses and increase orders for industrial enterprises.
Wang Meiting, a researcher with the Bank of China Research Institute, spoke highly of the central government's decision to implement VAT credit refunds on a large scale, saying it will significantly help reduce costs for small and micro businesses and key manufacturing enterprises.
The meeting noted that the total VAT credit refund this year is worth around 1.5 trillion yuan ($236 billion).
It's also a reform that helps cultivate sources of tax revenue and meaningfully refine the VAT system.
"Under the current circumstances, refunding excess input VAT credits to micro and small businesses and to manufacturing and other key industries is essential for ensuring stable growth at the moment.
The meeting decided to refund VAT credits to micro and small enterprises and self-employed households as general VAT payers across all sectors, worth around 1 trillion yuan.
Outstanding VAT credits of enterprises in manufacturing, research and technical services, electricity, heating, gas and water production and supply, software and information technology services, ecological conservation and environmental governance, and transportation, storage and postal services will be fully refunded.
These will support localities in implementing the VAT credit refunds and tax and fee cuts, and ensuring employment and basic living needs.
Amid such moves, priority will be given to micro and small enterprises, refunding outstanding VAT credits to them in one lump sum by the end of June while also fully refunding newly added credits.
The Government Work Report for this year, which was approved by a vote on Friday morning before Li met the press, said that the government will further improve the system for refunding value-added tax (VAT) credits.
VAT credit refunds will reach a big scale this year, and outstanding VAT credits will be refunded in one lump sum by the end of June.
He said the priority of VAT credit refunds this year will be given to small and micro businesses, as they cover a wide range of sectors, grow in large amounts, and support a massive amount of job opportunities.
The package also included VAT refunds targeting primarily small and micro businesses and those in the manufacturing sector totaling 1.5 trillion yuan.
Policies to provide tax relief for micro and small enterprises and individually-owned businesses and refund all due VAT credits to advanced manufacturing enterprises on a monthly basis will be effectively implemented, and procedures for such concessional tax policies streamlined.
The meeting also adopted steps to include manufacturers in sectors such as transportation equipment, machinery for electoral engineering, instruments and apparatus and pharmaceuticals into the list of advanced manufacturing firms that can enjoy the excess input VAT refund policies.
The VAT threshold for small-scale businesses was raised from 100,000 yuan to 150,000 yuan in monthly sales.
For small-scale VAT taxpayers in Hubei province, the tax rate will be reduced to 1 percent from 3 percent for taxable sales income and some prepaid VAT items.
However, the total amount of customs duties and taxes levied, mainly the VAT and consumption tax, on imported goods, saw an 8.7-percent growth to 8.99 trillion yuan (about $1.39 trillion) in the last five years, he said.
"All the products to be displayed by Irish exhibitors at Hainan Expo will be exempt from import duties, import VAT and consumption tax," said Weng, adding that this holds a special attraction for Irish exhibitors.
More residential properties are now eligible to be identified as ordinary housing, which will enjoy value added tax or VAT exemption if the ownership period exceeds two years.
更多住宅物业现在有资格被认定为普通住房，只要其所有权期限超过两年，即可享受增值税（VAT）减免。
In a move to invigorate the pre-owned property market, the VAT exemption period for sales of residential properties in the city's Yuexiu, Haizhu, Liwan, Tianhe, Huangpu, Panyu, Nansha and Zengcheng districts has also been adjusted from five years to two.
"The adjustment of the VAT exemption period is beneficial to reducing transaction costs in the secondhand housing market and promoting accelerated recovery and development of the existing housing market," said Li.
"The VAT adjustment policy will help promote the circulation of commercial housing, thus meeting demand of new residents, young people and migrants settling in the city," Li added.
As a move to invigorate the secondhand property market, the VAT exemption period for sales of residential properties in the city's Yuexiu, Haizhu, Liwan, Tianhe, Huangpu, Panyu, Nansha and Zengcheng districts has also been adjusted from five years to two years.
"The adjustment of the VAT exemption period is beneficial in reducing transaction costs in the secondhand housing market and promoting the recovery and development of the existing housing market," said Li Yujia, chief researcher of the housing policy research center of Guangdong Urban & Rural Planning and Design Institute.
On the fiscal front, the current policy of refunding outstanding and newly added VAT credits will be extended to businesses in the seven industries.
In addition, the process of VAT tax refund will be improved to ensure outstanding VAT credits for micro and small businesses can be refunded in one lump sum by the end of this month.
The VAT credit refund program, first announced in this year's Government Work Report in March, was initially launched to ease liquidity crunches among micro and small businesses.
"As VAT is a major kind of tax payment across the production chain, liquidity freed from the newly announced refund program will be notable.
The city will also impose VAT on houses that are sold within a five-year period, up from the previous two-year barrier.
该市还将对五年内出售的房屋征收增值税，这比之前的两年门槛有所提高。
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