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Further Details of Government Work Report Tax Cuts Released

Following the announcement of a number of tax cuts in the recently-published Government Work Report, further details of how these measures are to be implemented have now been released. As of 1 April this year, in addition to the VAT reductions that have already been outlined, the eligibility criteria for input VAT deduction will be extended to cover passenger transportation services. In an additional move, as of the same date, taxpayers will be entitled to have the whole of any due input tax relating to real estate payments deducted in a single transaction, rather than via two transactions over a two-year period as had been the previous practice.

Such details were announced following the 20 March Executive Meeting of the State Council.

For further details, please access the following link:

State Council Executive Meeting Clarifies Division of Responsibility for Tasks Set Out in Government Work Report (in Chinese)

Government Work Report Defines Future Mainland Economic and Social Objectives with Reduced Corporate Burdens

Content provided by Picture: HKTDC Research
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