China is now practicing consumption-based VAT, that is, when purchasing fixed assets, it can be burdened with the VAT fee as input deduction, and its booked value is the price excluding tax, if it is the price of the tax to be done first price-tax separation.
Accounting is as follows: Debit: Fixed Assets XXXXX
Taxes Payable - VAT Payable (Input Taxes) XXXX
Credit: Bank Deposits or Cash in Hand