ANNOUNCED AS TEMPORARYNo
On April 27th, 2018, the Chinese Ministry of Finance announced that it would be reducing import VAT on certain medicines from the standard 17% to 3%.
In addition, the announcement also mentioned that domestic wholesalers, manufacturers and retailers of these medicines could use a simplified VAT calculation in order to collect 3% VAT, albeit with some restrictions:
Once adopted, the simplified calculation method must be used for 36 months before the general method can be adopted;
Calculations must be done separately for the pertinent medicines.
The medicines in question are all anti-cancer medications of some type.
Another announcement from around the same time also reduced import tariffs on such products to nothing. Please see related act for more information.
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