VAT in China - are we sure the rules are the same as when the presentation was published.
From a quick search it would appear that REE exporters would not come under VAT rules, but would come under the Business Tax - maybe around 4% ?? ----------------------------
Sunday April 14th 2013
China V.A.T. and Other Taxes 2013
China Value Added Tax
The standard rate of VAT in China is 17%.V.A.T. is imposed on sale and import of goods and supply of certain services. There is a reduced rate of 13% that applies to products such as books and types of oils. Exporters are entitled to V.A.T. refund for materials bought in China. Small businesses with a turnover of less than the legally defined limit pay value added tax at 3%.
China Business Tax
This nonrecoverable turnover tax is imposed in China instead of V.A.T. on businesses other than manufacturing businesses, including most services and transfer of intangibles and immovable property. The business tax is imposed when either the service supplier or the customer are located in China. BT returns are to be filed monthly. The tax rate is generally 3%-5% (20% for entertainment).
LYC Price at posting:
52.5¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)