Import VAT rate
VAT general taxpayers incur VAT taxable sales behavior or imported goods, the original 16% tax rate, the tax rate is adjusted to 13%; the original 10% tax rate, the tax rate is adjusted to 9%. The specific business is different, the applicable tax rate is also different.
What are the cases to which the 13% VAT rate applies?
Taxpayers selling goods, labor services, leasing services of tangible movable assets or importing goods are subject to a tax rate of 13% unless otherwise specified.
If the goods are produced by specialized treatment such as landfill or incineration, and the goods belong to the entrusted party, the entrusted party is providing "processing services", and the treatment fee charged by the entrusted party is subject to a VAT rate of 13%.
Special cases of 13% tax rate
1. Epoxidized soybean oil and hydrogenated vegetable oil are not included in the scope of edible vegetable oil.
2. Modified milk produced in accordance with the National Standard for Food Safety - Modified Milk.
3. Cinnamon oil, eucalyptus oil and lemongrass oil, as they do not fall within the scope of agricultural products as stipulated in the Notes on the Scope of Agricultural Product Taxation.
4. Starch, as it does not fall within the scope of agricultural products.
5, malt, composite gum, human hair, because they do not fall within the scope of agricultural products specified in the Notes on the Scope of Taxation of Agricultural Products.
Accounting treatment of import VAT
When paying:
Borrow: Accounts payable/prepayment/taxes payable - input tax to be deducted
Credit: Bank deposits
When certified:
Borrow: Inventory of goods (Customs duty-paid price + customs duty)
Payable Taxes and Fees - VAT Payable
Selling Expenses - Customs Declaration Fee and Agency Fee
Credit: Accounts Payable - A Company / Bank Deposit
Accounts Payable / Prepayment / Taxes and Fees - Input Taxes to be Deducted
When the certification is completed:
Borrow: Inventory goods (customs duty-paid price + customs duty + customs declaration fee + agency fee)
Taxes and charges payable - VAT payable
Loan: Accounts payable - a company / bank deposits
Accounts payable / tax payable
Received customs import tax bill regardless of whether it has been certified are directly accounted for:
Borrow: Inventory of goods (customs duty-paid price + customs duties + customs fees + agency fees)
Taxes payable - payable value-added tax
Loan: accounts payable -A company / bank deposits