Under the new tax system, the value of invoices issued by suppliers is measured against sales invoices issued by businesses like restaurants to their customers. The VAT amount is based on the difference between the two. Photo: Mark Ralston

China’s VAT tax reforms are pushing small businesses to the brink

Small business owners say they’re being punished by the new tax regime that was supposed to help them

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Under the new tax system, the value of invoices issued by suppliers is measured against sales invoices issued by businesses like restaurants to their customers. The VAT amount is based on the difference between the two. Photo: Mark Ralston
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