Company: ZDAN
Filing Date: 2025-02-18
Form Type: DRS/A
Source: 0001683168-25-001085
Chunk: 201

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-02-18
Form: DRS/A
Chunk 201
---
igned processing of goods subject to tax rate of 16%, such tax
shall be calculated at the tax rate of 12%; (iv) for exported goods originally subject to tax rate of 17% and export tax refund rate
of 17%, the export tax refund rate shall be adjusted to 16%; and (v) for exported goods and cross-border taxable acts originally subject
to tax rate of 11% and export tax refund rate of 11%, the export tax refund rate shall be adjusted to 10%. Circular 32 took effect on
May 1, 2018 and shall supersede existing provisions which are inconsistent with Circular 32.

| 125 |

Since January 1, 2012, the
Ministry of Finance and the SAT have implemented the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax, which imposes
VAT in lieu of business tax for certain “modern service industries” in certain regions and eventually expanded to nation-wide
application in 2013.

On March 23, 2016, the Ministry
of Finance and the SAT jointly issued the Circular of Full Implementation of Business Tax to Value-added Tax Reform which confirms that
business tax will be completely replaced by the VAT from May 1, 2016.

On March 20, 2019, the Ministry
of Finance, the SAT and the General Administration of Customs jointly promulgated the Announcement on Relevant Policies for Deepening
Value-Added Tax Reform, which took effect on April 1, 2019 and provides that (1) with respect to VAT taxable sales acts or import of
goods originally subject to VAT rates of 16% and 10% respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (2)
with respect to purchase of agricultural products originally subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (3) with
respect to purchase of agricultural products for the purpose of production or consigned processing of goods subject to tax rate of 13%,
such tax shall be calculated at the tax rate of 10%; (4) with respect to export of goods and services originally subject to tax rate
of 16% and export tax refund rate of 16%, the export tax refund rate shall be adjusted to 13%; and (5) with respect to export of goods
and cross-border taxable acts originally subject to tax rate of 10% and export tax refund rate of 10%,