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
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
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.