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	NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION REGARDING USED GOODS AND USED MOTOR VEHICLES VALUE-ADDED TAX

	(No.29 [2002] of the Ministry of Finance, State Administration of Taxation promulgated on March 13, 2002, which shall have come into force as of January 1, 2002)


SUBJECT : VALUE-ADDED TAX; USED GOODS AND USED MOTOR VEHICLES
ISSUING DEPARTMENT : MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA, STATE ADMINISTRATION OF TAXATION
ISSUE DATE : 03/13/2002
IMPLEMENT DATE : 01/01/2002
LENGTH : 187 words
TEXT :

The relevant policies on value-added tax levied on secondhand goods and secondhand motor vehicles are hereby clarified as follows after deliberation:

I. When taxpayers sell secondhand goods (including secondhand operation units sell secondhand goods and taxpayers sell the fixed assets used by themselves); no matter they are common taxpayers or small-scale taxpayers of value-added tax, or whether they are authorized secondhand exchange pilot units or not, the value-added tax shall be levied at a 4% rate with a half reduction, and no input tax shall be creditable.

II. When taxpayers sell motor vehicles, autocycles or yachts that have been used by themselves and on which the consumption tax shall be levied, if the selling price exceeds the original value, the value-added tax shall be levied at a 4% rate with a half reduction; if the sell price is below the original value, the value-added tax shall be exempted. When secondhand motor vehicle operation units sell secondhand motor vehicles, autocycles or yachts, the value-added tax shall be levied at a 4% rate with a half reduction.

III. This Notice shall come into force as of January 1, 2002.