Shenyang Sunnyjoint Chemicals Co.,Ltd
Add: No.145 Dongling Road, Shenhe District, Shenyang, Liaoning Province
China’s State Council announced on 28 March 2018 that the 17% and 11% VAT rates applicable to the supply of certain goods and services would be reduced with effect from 1 May 2018 to 16% and 10% respectively. This change will certainly bring welcome relief to businesses and goes a step further in ensuring the international competitiveness of China’s VAT system. While this change may not seem significant from a tax implementation perspective, as this Alert highlights, there are many issues for businesses to consider.