Shanghai: By the end of 2022, suspend or exempt VAT and halve personal income tax for eligible individual industrial and commercial households

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 Titanium Media App reported on July 26 that a few days ago, Shanghai issued "Several Policies and Measures to Support the Healthy Development of Individual Industrial and Commercial Households in Shanghai". The "Policies and Measures" proposes that by December 31, 2022, VAT taxable sales will occur to small-scale taxpayers in Shanghai, and the total monthly sales will not exceed 150,000 yuan (if a quarter is a tax period, Quarterly sales of less than 450,000 yuan) are exempt from value-added tax. Small-scale value-added tax taxpayers are subject to a 3% collection rate of taxable sales income and are exempt from value-added tax; pre-paid value-added tax items that are subject to a 3% pre-collection rate, pre-payment of value-added tax is suspended. In addition, for the part of the annual taxable income of individual industrial and commercial households that does not exceed 1 million yuan, on the basis of the existing preferential policies, the individual income tax will be halved. Individual industrial and commercial households can enjoy the collection regardless of the collection method.

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