Tax authority helps companies save money

Source :Qianhai Media Center

BT Class, a Qianhai-registered company that provides online education services, saved 1.8 million yuan (US$252,809) in VAT (value added tax) payment thanks to the Qianhai Tax Service, which found out negligence committed by the company during business registration that would have cost the training company the amount of money.

BT Class would qualify for a VAT exemption policy that the central authority has adopted to help companies that provide life services get through the coronavirus pandemic. However, the training company had been wrongfully registered in a different category of business, which doesn’t qualify for the VAT exemption.

“Qianhai Tax Service has informed us about the negligence and helped us correct it to be eligible for the VAT exemption,” said Huang Chen, financial controller of BT Class.

Huang said the amount has been vital to the company, which would have lost money in the first quarter of this year without the 1.8 million yuan.

Chai Shengwei, chief accountant of Qianhai Tax Service, said that Qianhai welcomes modern service companies like BT Class in the free trade area.

“The tax authority will follow through every single tax policies by the Central Government to help local companies resume work and production to get through the pandemic,” he said.

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2020-05-14 10:04:00

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