Two sessions of direct attack | Li Keqiang: VAT reduction from April 1 in China
Started from 1st-Apr, all goods imported into china, VAT rate will be reduced.
VAT general taxpayers (hereinafter referred to as taxpayers) are subject to imported goods. If the original 16% VAT rate is applied, the tax rate is adjusted to 13%; if the original 10% VAT rate is applied, the tax rate is adjusted to 9%.
VAT rate cut down means all imported goods vat cost reduce by 3%. Now all abroad exporter are eager to make contract with China buyer.
If the 16% tax rate of VAT is lowered by 3%, the rest of the tax file will remain unchanged. In theory, the maximum tax reduction can be 668.4 billion yuan. The comprehensive industry concentration and tax reduction scale account for two dimensions of the industry's net profit. The industries benefiting from the VAT tax reduction are mainly: machinery, chemicals, automobiles, non-ferrous metals, household appliances, building materials, computer equipment, coal mining.
For the machinery imported into china, it is different for new and used.
Imported required document for customs clearance for new machinery as below:
1. Invoice
2. Packing list
3. Bill of loading
4. Machinery picture
5. Machinery handbook
It needs to make mid-inspection in Hong kong for used machinery imported. If mid-inspection passed, then it is allowed to import into mainland china.
Two sessions of direct attack | Li Keqiang: VAT reduction from April 1 in China
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