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Individual income tax finalization for foreigners in China. By Eunice Ku. Jan. 14 â Individual income tax (IIT) is normally withheld from wages or salaries by employers and paid to the tax authorities on a monthly basis (within 15 days of the end of each month).
VAT is a multi-stage tax levied at each stage of the value addition chain, with a provision to. allow input tax credit (ITC) on tax paid at an earlier stage, which can be appropriated against. the VAT liability on subsequent sale. VAT is intended to tax every stage of sale where some value is added to raw materials, but. taxpayers will receive credit for tax already paid on procurement stages. Thus, VAT will be. without the problem of double taxation as prevalent in the earlier Sales tax laws.