The invoice amount is multiplied by 8%. At eight o'clock, others can deduct 17% of the VAT invoice and sell it to you at a discount. Value-added tax is a turnover tax levied on the basis of the value-added generated in the process of commodity circulation.

From the tax principle, value-added tax is a turnover tax levied on the added value of many links such as commodity production, circulation and labor services or the added value of commodities. Extra-price tax is implemented, that is, it is borne by consumers, and tax is levied only if there is value added, and tax is not levied if there is no value added.

Value-added tax is a tax levied on the value-added of units and individuals who sell goods or provide processing, repair and replacement services and import goods. Value-added tax has become one of the most important taxes in China, accounting for more than 60% of all taxes in China, and it is the largest tax.

tax reform

China began to try out the value-added tax from 1979, and carried out three important reforms successively: 1984, 1993 and 20 12. The basis of the current value-added tax system is1Provisional Regulations on Value-added Tax in People's Republic of China (PRC) issued by the State Council on February 3, 1993 (the State Council DecreeNo. 134).

The first reform is the transitional stage of value-added tax. At this time, the value-added tax is carried out on the basis of product tax, with narrow taxation scope, many tax rates, complicated calculation methods and traces of product tax, which belongs to denatured value-added tax.

Refer to the above? Baidu Encyclopedia-VAT