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China Further Reduces VAT Refunds on Export Goods 2007-6-29 14:16:56
Effective July 1, 2007, China will slash VAT rebates on 2,831 classifications of products. This represents 37% of the total number of classifications in the China Customs tariff. This is the third such change in refund rates since 2005. In an announcement jointly released by the Ministry of Finance and State Administration of Taxation on 19 June, 2007 through a Circular titled (Cai Shui 2007 No.90), cuts in VAT rebates on exports of affected products will be in one of the following three forms:
1. Complete cancellation of any VAT refund (i.e. refund rate reduced to 0%);
2. Reduction in VAT refund rates (some of these are significant reductions);
3. VAT-exempt status granted.

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