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Q:
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What is the tax rate when issuing invoices for exports?
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A:
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According to the temporary value-added tax practice regulation in People’s Republic of China, Article 15, foreign currency income should use the exchange rate on the transaction date to calculate equivalent Chinese Yuan amount. Alternatively, companies can choose to use the exchange rate on the first day of the month of transaction. Exporting affairs can use the exchange rate on the exporting day or the first day of the exporting month.
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Q:
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After VAT reform, what are the changes in exporting VAT refund rate?
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A:
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After the VAT rate of 16% and 10% reduced, exporting VAT rates had adjustment accordingly too. The original 16% rate of tax, equivalent to exporting VAT refund rate, is reduced to 13%; the original 10% rate of tax, equivalent to exporting VAT refund rate, is reduced to 9%. Besides above changes, the rest rates remain the same.
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Q:
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After the adjustment on exporting VAT refund rates, how many rates are there?
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A:
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After the exporting VAT refund rate adjusted, the original rates of 16%, 13%, 10%, 6%, 0% are adjusted to 13%, 10%, 9%, 6%, 0% accordingly. There are 5 rates applicable, same as before.
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Q:
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How long does it takes to receive the refunded VAT?
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A:
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Trading companies should receive the refunded VAT less than half a year; production companies should receive the refunded VAT in one month or one and half a month.
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Q:
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How to calculate VAT refund?
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A:
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The tax refund amount is the product of invoiced tax exclusive amount times the tax refund rate. The tax refund rate is subject to the Customs code, which refers to the product type.
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Q:
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What certificates are required for applying export VAT refund?
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A:
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The qualification of being a trading or production company;
Import or export certification;
Eligible general taxpayer;
Company bank account.
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FAQ
