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China’s VAT Small-Scale Exemption

The Ministry of Finance (MOF) and the State Taxation Administration (STA) have jointly released the Announcement on Clarifying the Value-added Tax Reduction and Exemption Policy for Small-scale Value-added Taxpayers and Other Policies (the "Announcement"). The STA subsequently issued the Announcement on Relevant Tax Collection and Administration Matters Concerning the Value-added Tax Reduction and Exemption Policy for Small-scale Value-added Taxpayers and Other Policies. According to the Announc