China Briefing - English - Evaluating China's VAT Reform
China Briefing - English - Evaluating China's VAT Reform
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At the beginning of 2012, China began a massive overhaul of its tax system by initiating the replacement of business tax (BT) with value-added tax (VAT). Prior to the reform, VAT was levied only on the sale and import of tangible goods and on the provision of processing, repair, and replacement services, while BT was levied on the provision of all other services as well as the transfer of intangibles and property. As of May 2016, VAT has taken over almost all of BT's various functions, and is now effectively China's only form of consumption tax. In this edition of China Briefing, we walk readers through some of the most salient aspects of the VAT reform affecting foreign businesses in China.
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China Briefing - English Magazine Description:
Utgiver: Asia Briefing Ltd.
Kategori: Business
Språk: English
Frekvens: Bi-Monthly
Published 10 times a year, China Briefing Magazine covers legal, tax, and operational issues affecting foreign investors in China. The magazine enjoys a devoted following developed over a decade of providing practical technical information to business executives and investors.
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