Stop Tax Refund Policy For Foreign Invested Enterprises To Purchase Domestic Equipment Starting Next Year
The Ministry of Finance and the State Administration of Taxation recently issued a circular saying that it has ceased execution since January 1, 2009. foreign investment Enterprises can purchase domestic equipment in full amount of investment in full refund. Value added tax Policy.
The Ministry of Finance said that the measure was in line with the reform of VAT pformation and the regulation of tax system. Since next year, China will implement the VAT reform in the whole country, allowing it to deduct the tax on purchases of fixed assets and realize the pformation from value-added to consumption oriented.
In order to ensure a smooth pition in policy adjustment, the circular said that domestic equipment purchased by foreign investment enterprises before June 30, 2009 could continue to be implemented according to the original provisions in compliance with certain conditions. VAT Refund Policy.
Enjoy the purchase of foreign invested enterprises VAT Refund The domestic equipment of the policy will be supervised by the competent tax authorities and the period of supervision will be five years.
During the period of supervision, if the nature of the enterprise is changed into an internal funded enterprise, or the pfer of ownership of equipment, such as pfer or gift, or the situation of rental and Reinvestment occurs, the tax refund Department of the competent tax refund authority shall be paid back.
Editor: vivi
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