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Ministry of Finance and the State Administration of Taxation Decide to Adjust the Thresholds for Business Tax and VAT

¡¡¡¡Xinhua News Agency Beijing October 31st - reporter learnt on the 31st from the Ministry of Finance that in an effort to implement the State Council's requirement to support the development of small and miniature enterprises, the Ministry of Finance and the State Administration of Taxation have decided to amend and publicize some provisions of "Implementing Rules of Interim Regulations on VAT of the People's Republic of China" and "Implementing Rules of Interim Regulations on Business Tax of the People's Republic of China", which shall go into effect as of November 1st, 2011.

¡¡¡¡According to the newly released "Implementing Rules of Interim Regulations on VAT of the People's Republic of China", the thresholds of VAT are changed to: monthly sales of RMB5,000-20,000 for the sale of goods; monthly sales of RMB5,000-20,000 for the sale of taxable services;every transaction or day's sales of RMB300-500 for tax paid on transaction basis.

¡¡¡¡According to the newly released "Implementing Rules of Interim Regulations on Business Tax of the People's Republic of China", the thresholds of business tax are changed to: monthly sales of RMB5,000-20,000 for tax paid on schedule ;every transaction or day's sales of RMB300-500 for tax paid on transaction basis.

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