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China adjusted VAT & consumption tax policies for exported goods and services

China adjusted VAT & consumption tax policies for...

China alert - Issue 19, August 2012  

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China adjusted VAT & consumption tax policies for exported goods and services

China’s Ministry of Finance (MoF) and the State Administration of Taxation (SAT) jointly issued Cai Shui [2012] No. 39 (Circular 39) on May 25, 2012. Later on, the SAT issued SAT Announcement [2012] No.24 (Announcement 24), making adjustments to the existing VAT & consumption tax (CT) refund (exemption) policies for exported goods and services. Before promulgation of Circular 39 and Announcement 24, China’s export tax refund regime was governed under different official regulations that were difficult to administer. Circular 39 and Announcement 24 have put the existing export tax refund (exemption) policies introduced since 1994 into a clear, standardised, systematic order, and adjusted and improved the policies to create a better environment for export enterprises in terms of tax burden, simplified reporting procedures and easier implementation.

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