On September 3, 2023, China’s State Tax Administration (STA) announced a new tax deduction for companies in the advanced manufacturing sector. The new policy will be implemented from January 1, 2023, until December 31, 2027.
The Deputy Director of the Institute of Public Policy and Governance of Shanghai University of Finance and Economics, Tian Zhiwei, told Yicai that the new policy is equivalent to reducing the VAT burden of eligible companies by about 20 percent.
- How is the additional deduction calculated?
- Can this policy be applied together with other additional VAT deduction policies?
Source: www.china-briefing.com
