A special VAT invoice may only be issued for supplies of taxable goods or services made to taxable recipients. If a withholding agent fails to withhold or levy an amount of tax that should have been withheld or levied, the tax authorities shall seek the payment of the tax from the taxpayer and concurrently impose on the withholding agent a fine of not less than 50% and not more than 300% of the amount of tax that should have been withheld or levied. The supply of taxable goods or services by small-scale taxpayers. VAT payable = Output VAT due on sales for the period – Creditable input VAT (as determined in Calculation #2). If the sales proceeds are collected through a bank, the time of supply is when the goods are dispatched. The latest changes mark the final stages of China's overhaul of its VAT system, and come as part of a larger RMB 2 trillion (US$298.3 billion) cost cutting package intended to boost China's economy. Special rules apply to mixed transactions consisting of sales of taxable goods and supplies of taxable services. Reducing VAT rates If VAT payments cannot be made on a fixed-period basis, VAT may be paid on a transaction basis. Sales of intangible assets refer to activities of transferring ownership or rights of use of intangible assets. The place of supply for services is where the services are physically performed. Taxpayers who could be eligible for VAT exemption may choose to give up the right of VAT exemption and pay VAT. Gulf Security Technology Co., Ltd, GST, is a key player in the Asia fire and security industry and a trusted provider of comprehensive fire system solutions around the world. Circular 106 covers two additional VAT pilot service sectors, railway transportation and postal services, and also integrates a number of significant changes to the VAT pilot rules aiming to introduce enhancements to some of the VAT pilot areas such as finance leasing and international freight forwarding where strong feedbacks have been received from taxpayers. Before the VAT pilot, the positive VAT rates in China are 3%, 13% and 17%. The accounting books, accounting vouchers, statements, receipts of tax payments, invoices, vouchers for exportation and other tax-related materials shall be kept for 10 years unless otherwise specified in the laws and administrative regulations. A taxable person must pay the VAT due on imported goods within 15 days after the date following the date on which the customs authorities issued the import duties statement. “When we come to power in Delhi we will restructure the GST and give you one tax, minimum tax,” he said. On 30 April 2014, the MOF and SAT jointly released Caishui  No. The supply of services, intangible goods and immovable properties would refer to the following: The following supplies would be considered as outside of China: Output VAT and new VAT computation method. After registration, the suppliers must purchase the anti-counterfeit tax control equipment and issue special VAT invoices in accordance with the VAT pilot rules. It is a subsidiary of Carrier (Carrier Global Corporation), a leading global provider of innovative HVAC, refrigeration, fire, security and building automation technologies. Current time now in China Time Zone. It must hold a valid VAT invoice obtained from the vendor (see Section H), a tax certificate issued by the customs authorities or other valid supporting documents including transportation invoices and agricultural product procurement certificates. 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