| According to regulations in (Cai Shui [2018] No.32) issued by Ministry of Finance and State Administration of Taxation, tax payers who have VAT taxable sales acts or import goods applicable to rates of 17% and 11%, shall adjust the rates to 16% and 10% each. The above-mentioned regulations shall be applicable since May 1, 2018. In the event the relevant administration issues any new rule, the new rule shall be applied. | 
