A LOWTAX NETWORK INTERNATIONAL BUSINESS SMART TOOL
HOME ABOUT ONLINE GIG TOOL JURISDICTION INFORMATION PROVIDERS ARTICLES & FEATURES

China's New Urban Maintenance And Construction Tax Law In Force

Mary Swire, Tax-News.com, Hong Kong

15 September, 2021

China's Ministry of Finance and the State Administration of Taxation have issued a statement announcing tax relief from the Urban Maintenance and Construction Tax.

A new law to govern the tax became effective from September 1, 2021.

The levy – a surcharge levied on top of VAT and excise duties on the domestic supply of goods – continues to feature rates of seven percent for suppliers based in cities, five percent for those based in towns, and one percent for other localities.

In Announcement No. 27 of 2021, released on August 24, 2021, Chinese authorities announced a number of concessions, including:

  • Standard gold sold by members of the Gold Exchange through the Gold Exchange and physically delivered is exempt;
  • Standard gold sold by members and customers of Shanghai Futures Exchange through the exchange and physically delivered is exempt;
  • Projects funded by the national major water conservancy project construction fund are exempt;
  • From January 1, 2019, until December 31, 2021, the tax will be halved for small-scale VAT taxpayers.

TAGS: Finance | Construction | tax | value added tax (VAT) | law | China | construction | Tax |

 

 

SHARE

Share on FacebookTwitter
linkedin share buttonstumbleDeliciousEmail

FOLLOW

FacebookTwitterGoogle+LinkedInTechnorati

Important Notice: Wolters Kluwer (BSI) Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © Wolters Kluwer (BSI) Limited