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This is to provide updates on guidance recently issued by several local tax departments, including:
Declaration of adjustment/replacement invoices
Value added tax (VAT) rates applicable to returned goods, trade discounts and on adjustment invoices for goods which were eligible for the VAT reduction and were invoiced for prior to 31 December 2022
Corporate income tax (CIT) incentives applicable to new investment projects with changes in investment registration information
Tax implications of remuneration earned by individuals performing service contracts
Foreign contractor tax (FCT) of the supply component in a contract with a foreign supplier
Expenditures on indirect support which may not be deductible for CIT purposes to the enterprises providing the support