China’s finance and tax authorities have announced the 2023 VAT incentives for a range of market entities, including small-scale taxpayers and taxpayers in production and lifestyle service industries. The VAT incentives are extensions of previous policies to help vulnerable businesses tide over the challenges posed by the COVID-19 pandemic. Below we explain the latest policies and discuss what the changes may signal for China’s economy in 2023.
Source: china-briefing.com
