Starting from July 2024, what new changes have been made to VAT? What is the current latest tax rate table? What are the latest policies? Starting today, these are the latest key points!
1. The latest and most complete VAT rates for general taxpayers in 2024
2. The latest and most complete levy rates for small-scale taxpayers in 2024
3.The state has announced! Starting in 2024, these 41 situations no longer require VAT payment
I. Accountants must know: these people are exempt from VAT
Where the sales amount of taxable activities by individuals and self-employed households does not reach the VAT threshold, VAT is exempt; where the threshold is reached, VAT is calculated and paid on the full amount.
For small-scale taxpayer preferences, where VAT is levied at a reduced rate of 1%, VAT invoices are issued at a 1% levy rate and VAT is levied at a reduced rate of 1%,
Calculate sales amount according to the following formula:
Sales amount excluding tax = sales amount including tax / (1+1%), tax amount = sales amount excluding tax * 1%
Accounting treatment:
Debit: Accounts Receivable/Bank Deposits
Credit: Main business revenue (tax-exclusive sales)
Taxes payable - VAT payable (tax-exclusive sales amount * 1%)
Actual tax paid:
For monthly RMB 100,000 or quarterly RMB 300,000 or less, the portion for which ordinary invoices are issued is exempt from VAT:
Debit: Taxes Payable—VAT Payable
Credit: Other income (under Accounting Standards for Business Enterprises) / Non-operating income (under Accounting Standards for Small Business Enterprises)
Partial taxation when issuing special invoices:
Debit: Taxes Payable—VAT Payable
Credit: Bank deposits
For monthly RMB 100,000 or quarterly RMB 300,000 or more, tax is required regardless of whether ordinary invoices or special invoices are issued:
Debit: Taxes Payable—VAT Payable
Credit: Bank deposits
Tax Policy Tip: Where a small-scale taxpayer engages in VAT-taxable sales activities and its total monthly sales exceed RMB 100,000, but after deducting sales of real estate occurring in the current period do not exceed RMB 100,000, the sales amounts from sales of goods, labor services, services, and intangible assets are exempt from VAT.
Policy basis:State Taxation Administration Announcement No. 1 of 2023
II. Accountants must know: these 18 situations are exempt from VAT
Note:
1. VAT-exempt; only ordinary invoices can be issued, not special VAT invoices.
2. Direct reduction or exemption does not require accrual of VAT reduction or exemption, and should be fully included in income.
3. If both the VAT exemption policy for small and micro enterprises and other VAT exemption policies apply, fill in the return according to the VAT exemption policy for small and micro enterprises.
III. Accountants must know: these 17 situations are not subject to VAT
4. 2024 VAT Input Deduction Manual
VAT policies emerge endlessly, and the types of input tax deduction vouchers are very complex. Here is the latest and most complete deduction guide, so you no longer need help with input VAT deduction.
5.Accounting treatment of VAT reduction and exemption preferences! Accountants cannot work without learning this!
①Small-scale taxpayers are exempt from VAT if quarterly sales amount ≤ 300,000
②Deduct VAT
③Reduced VAT on sales of used fixed assets
④Additional deduction
⑤VAT credit refund
⑥Six Taxes and Two Fees
⑦VAT immediate levy and immediate refund/refund after verification
Source: internet
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