Regarding the implementation time of the new value-added tax rate, the Ministry of Finance and the State Administration of Taxation have officially issued a notice! The value-added tax rate will be reduced by 3 percent by 0.5 percent! In the future, there will be major changes in invoicing.
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VAT 3% reduced to 0.5%!
According to the announcement of the Ministry of Finance and the State Administration of Taxation on the continuation of the implementation of the VAT policies related to second-hand car distribution (Announcement No. 63 of 2023 of the Ministry of Finance and the State Administration of Taxation), from January 1, 2024 to December 31, 2027, taxpayers engaged in second-hand car dealership will be subject to VAT at a reduced rate of 0.5% instead of 3% minus 2% in accordance with the simplified method.
Attached: The latest VAT rate table for 2024
02
Motor vehicle invoicing has changed dramatically!
This is how it will be invoiced in the future!
Recently, the Shanghai Taxation Bureau and the Xiamen Taxation Bureau announced the pilot launch of the motor vehicle and second-hand car business functions of the electronic invoice service platform. In other words, motor vehicles that have not been included in the pilot project can now also be issued with electric tickets!
Caution!
First, taxpayers need to be classified as motor vehicle companies to be issued, and ordinary enterprises cannot choose this label.
Second, when issuance, select the specific business label of "Motor Vehicle" on the "Immediate Invoicing" interface, and then follow the prompts to issue.
Attached: Samples of specific business invoices and sales uniform invoices for motor vehicles
(Motor vehicle invoice sample)
(Uniform invoice for motor vehicle sales)
At this point, the ticket categories of the mainland digital bill will be reduced to four, and the correspondence between the digital bill and the current invoice is shown in the following table:
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From 2024,
These 41 situations do not have to pay VAT
1. These two categories are exempt from VAT
If the sales amount of individuals and self-employed individuals does not reach the VAT threshold, they are exempt from VAT, and if the tax threshold is reached, the VAT shall be calculated and paid in full.
2. These three regions are exempt from VAT
1. Hainan offshore duty-free shops are exempt from value-added tax and consumption tax on the sale of duty-free goods on the outlying islands.
2. Enterprises in Hengqin and Pingtan are exempt from value-added tax and consumption tax for the sale of their goods in the zone.
3. These 18 situations are exempt from VAT
A few reminders:
1. Exempt from VAT, only general invoices can be issued, not special invoices.
2. The direct reduction or exemption of value-added tax that does not need to be reduced or reduced shall be fully included in the income.
3. If it meets the VAT exemption policy and other VAT exemption policies for small and micro enterprises at the same time, fill in the declaration form in accordance with the VAT exemption policy for small and micro enterprises.
4. These 17 situations are not subject to VAT
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Attached: Second-hand car dealership related policies
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Source: Finance First Classroom, Tax Lecture Hall, Mei Song Lecture on Tax, Tax Desk, Financial Manager, Tax Research School Collation and Release