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Widened Scope of VAT Deduction in Northeast China
The Central government has widened the scope of VAT deduction, in certain industries, of Northeast China. These industries include equipment manufacturing, petrochemical, metallurgical, ship manufacturing, automobiles and agricultural processing industry.
Items which VAT may be deductible for include: purchase of fixed assets, including acceptance of donation and real equipment investment; purchase of goods to make fixed assets or dutiable services, including extension and installment; fixed assets acquired through financing and leasing; and transportation fees paid for fixed assets.
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