- Chinese Ministry of Finance announced reduction of lower limit of land VAT prepayment rate
- Lower limit of land VAT prepayment rate reduced by 0.5 percentage points overall, except for affordable housing
- Lower limit of rate now 1.5 percent for provinces in eastern region, one percent for central and northeastern regions, and 0.5 percent for western region
- Announcement comes into force on Dec. 1
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
