China News Service, March 1. According to news from the Ministry of Finance website, the Ministry of Finance and the State Administration of Taxation have jointly issued the "Announcement on Supporting the VAT Policy of Individual Industrial and Commercial Households to Return to Work and Resumption" (hereinafter referred to as "Announcement"). The "Announcement" states that 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 exempted; a 3% pre-tax rate is applicable For prepaid VAT projects, the prepaid VAT is suspended.
Data sheet: Employees work on the production line. Photo by China News Agency reporter Liu Ranyang
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.