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New Tax Filing Method for Veterinary Drugs Trading Enterprises
On 4 February 2016, the State Administration of Taxation (SAT) released the SAT Announcement [2016] No.8 that would take effect from 1 April 2016 for general VAT taxpayers engaged in the veterinary drugs trading business.
The announcement states a Simple Tax Filing Method may be adopted for calculating and paying VAT based on the sales volume of the veterinary biological products and the tax rate is 3%.
This presents veterinary drugs trading enterprises with the option to choose a more cost-efficient tax filing method. However, taxpayers should consider the Simple Tax Filing Method option carefully as it cannot be changed within 36 months of its adoption. Proper tax planning is essential to figure out whether the Simple Tax Filing Method is more beneficial for the business.