May 23 – The Huizhou government held a mobilization conference on May 17 to officially launch its enterprise registration and examination trial reform, which aims to “simplify what can be simplified; permit what can be permitted; accelerate what can be accelerated; and optimize what needs to be optimized.”
It is the first time that the Guangdong provincial government has approved the enterprise registration and examination reform to be trialed at the city-level. As a result, the Guangdong government has ordered the related departments at the provincial level to fully support and guide the trial reform in Huizhou. Continue reading
Posted in Business, FDI and Foreign Trade, Finance, Tax and Accounting, Legal and Regulatory, Regulatory Update, South China
Tagged China Legal, China Reform, China Regulatory, Enterprise Registration and Examination Reform, Guangdong, Huizhou, Huizhou Trial Reform, South China
Nov. 18 – The value-added tax (VAT) reform projected to take place in Shanghai next year will be China’s first step towards resolving the issue of duplicate taxation on goods and services. While in the existing Chinese taxation system, most types of services (with the exception of processing, repair and replacement services) are subject to business tax (BT), the coming reform will make a larger amount of services – mostly provided in Shanghai’s transport sector and several modern service sectors – become VATable rather than BTable. The implementation details on the reform were recently specified in a circular co-issued by the State Administration of Taxation (SAT) and the Ministry of Finance (MoF).
The “Circular on Commencing the VAT Reform (Replacing BT Imposition with VAT Imposition) in Shanghai’s Transport Industry and Several Modern Service Sectors (caishui  No.111)” released on November 16, explains multiple issues including services that become VATable, VAT rates, as well as calculation methods, taxpayer status and favorable VAT treatment to specific services. Continue reading
Posted in Business, East China, Finance, Tax and Accounting, Legal and Regulatory, Regulatory Update, Shipping & Logistics, Technology
Tagged China Reform, China Regulatory, China Tax, China Value Added Tax, Ministry of Finance, Modern Services VAT, Shanghai, Shanghai VAT Reform, State Administration of Taxation, Transport Services VAT, VAT Exemption, VAT Refund