March 28, 2019 - The Chinese government recently announced a new policy to decrease the Value Added Tax (VAT) rate. As such, China will reduce the standard VAT rate from 16% to 13% (this applies to the manufacturing sector and import VAT as well).
Additional details include:
The new VAT rates will go into effect on April 1, 2019
Should you have any questions, please reach out to BDP International.
Source: The Chinese Ministry of Finance Tax Administration