China Issues Guidance on VAT Reduction for Certain Drugs
China issued guidance on its value-added tax “reduction policies” for certain anti-cancer and rare disease drugs, a Sept. 30 notice said, according to an unofficial translation. China said it will reduce VATs on those imported drugs by 3% and will…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
allow “general VAT taxpayers” to “produce, sell, wholesale and retail” the drugs. The notice also contains instructions on how to declare the imports with Chinese customs and a list of drugs that qualify.