China News Service, February 29th. According to the website of the Ministry of Finance, the Ministry of Finance and the State Administration of Taxation jointly issued an announcement on the 28th to support the return of industrial and commercial households to the VAT policy. Epidemic prevention and control also accelerated the resumption of work and business. From March 1 to May 31, 2020, for small-scale value-added taxpayers in Hubei Province, a taxable sales income of 3% is applicable and VAT is exempt; 3% is applicable The prepaid value-added tax items of the pre-levy rate shall be suspended.
Except for Hubei Province, other provinces, autonomous regions, and municipalities with small-scale VAT taxpayers are subject to a taxable sales income of a 3% tax rate, less VAT at a 1% tax rate; a prepaid value-added at a 3% tax rate applies For tax items, VAT is prepaid at a 1% pre-levy rate.