The Ministry of Finance and the State Administration of Taxation issued a notice a few days ago and decided that from June 1, 2008, taxpayers should be exempted from VAT on the production, sales, and wholesale and retail of organic fertilizer products to improve the agricultural ecological environment.
Organic fertilizer products that enjoy the aforementioned tax exemption policy refer to organic fertilizers, organic-inorganic compound fertilizers, and bio-organic fertilizers. Taxpayers enjoying tax exemption policies shall, in accordance with relevant regulations, independently account for the sales of organic fertilizer products; if they have not separately accounted for sales, they may not be tax exempt.
At the same time, taxpayers selling organic fertilizer products that are exempt from taxation shall issue ordinary invoices in accordance with the regulations and may not issue special invoices for value-added tax. Taxpayers applying for exemption of value-added tax shall provide the competent tax authorities with information such as fertilizer registration certificates and qualified reports on the testing of organic fertilizer product quality and technology. Anything that cannot be provided shall not be subject to tax exemption.
The notice requires that the competent tax authorities should strengthen the follow-up management of taxpayers who enjoy the policy of exempting value-added tax, and verify the business operations from time to time.
Organic fertilizer products that enjoy the aforementioned tax exemption policy refer to organic fertilizers, organic-inorganic compound fertilizers, and bio-organic fertilizers. Taxpayers enjoying tax exemption policies shall, in accordance with relevant regulations, independently account for the sales of organic fertilizer products; if they have not separately accounted for sales, they may not be tax exempt.
At the same time, taxpayers selling organic fertilizer products that are exempt from taxation shall issue ordinary invoices in accordance with the regulations and may not issue special invoices for value-added tax. Taxpayers applying for exemption of value-added tax shall provide the competent tax authorities with information such as fertilizer registration certificates and qualified reports on the testing of organic fertilizer product quality and technology. Anything that cannot be provided shall not be subject to tax exemption.
The notice requires that the competent tax authorities should strengthen the follow-up management of taxpayers who enjoy the policy of exempting value-added tax, and verify the business operations from time to time.
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