Guarantee enterprise value-added tax

According to the Notice of the Ministry of Finance on Promoting the Pilot Work of Changing Business Tax to Value-added Tax in State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) (Caishui [2021] No.36), qualified guarantee institutions shall complete the required filing procedures at the local county (city) competent tax authorities and the SME management departments at the same level, and enjoy the three-year VAT exemption policy from the date of completing the filing procedures. After the 3-year tax exemption expires, eligible guarantee institutions can continue to enjoy this policy after going through the filing formalities according to the prescribed procedures. The specific filing management measures shall be implemented in accordance with the Announcement of State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) on Relevant Management Issues after the Cancellation of the Examination and Approval Items of Exemption from Business Tax for SME Credit Guarantee Institutions (People's Republic of China (PRC) State Taxation Administration of The People's Republic of China Announcement No.2021No.69), and the filing management department of the tax authorities is the county (city) level State Taxation Bureau.