The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have announced VAT and business tax exemptions for small-sized businesses on 29th July 2013 and the new measure has come into effect from 1st August 2013. This relieves very small businesses of the administrative burden of these taxes.
According to the new measure, small-sized VAT payers or business taxpayers with average sales proceeds not exceeding CNY 20,000 will be exempt from VAT or business tax.
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