China MOF Announces Reduction of Lower Limit of Land VAT Prepayment Rate

The Chinese Ministry of Finance Nov. 13 issued Announcement No. 10, reducing the land VAT prepayment rate limit. The announcement indicates that: 1) the lower limit of the land VAT prepayment rate is reduced by 0.5 percentage points overall, except for affordable housing; and 2) after the reduction, the lower limit of the rate is 1.5 percent for provinces in the eastern region, one percent for provinces in the central and northeastern regions, and 0.5 percent for provinces in the western region. The announcement comes into force on Dec. 1. [China, Ministry of Finance, 11/13/24]

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