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(Ministry of Finance: 17 February 1993 [93] Coded Finance andTaxation No. 006)

(Ministry of Finance: 17 February 1993 [93] Coded Finance andTaxation No. 006) Whole Doc.

To the tax bureaus of various provinces, autonomous regions and municipalities (not issuing to Tibet), and to the tax bureaus of various cities with separate planning: In recent years, reports from various localities have indicated that the mechanical watches and stopwatches industries have difficulties in production and management and suffer serious losses and defaults of taxes, demanding that they be given due consideration in taxation. After study, a decision is hereby taken to reduce the VAT rate for mechanical watches and stopwatches. A notice on related problems is given as follows: 1. VAT rate for mechanical watches and stopwatches (hereinafter referred to as wristwatches) shall be reduced from 43 percent to 30 percent as of January 1, 1993. After tax rate for wristwatches is reduced, the various local authorities shall levy taxes strictly in accordance with the stipulations, and all wristwatches, without exception, shall no longer be given consideration of tax reduction and exemption, and no more new default of taxes shall occur.

2. With regard to the tax payment for the sales of wristwatches before the end of 1992 owed by the enterprise, a conscientious check and examination shall be conducted by the tax departments in various localities, the money shall be dunned and put in storage. If the enterprise does have difficulties in paying VAT, it may, on the basis of the sales incomes from wristwatches all sold domestically in the year when the tax is owed, which are taxed at a 30 percent rate and put in storage, report to the State Administration of Taxation for examination and approval of that part of tax owed that is above 30 percent in accordance with the stipulations of the taxation management system, and shall be given the consideration of a lump sum tax reduction and exemption.

3. With regard to wristwatch enterprise on which VAT is levied at a "fixed term and fixed rate", the rate of tax levied on wristwatches is reduced to 19.8 percent.

These stipulations go into effect on January 1, 1993. If past documents contradict these stipulations, the notice shall be taken as the criterion.


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