Jul. 4 – The new issue of China Briefing Magazine, titled Value-Added Tax Reform, is out now and will be temporarily available as a complimentary PDF download on the Asia Briefing Bookstore throughout the months of July and August.
As part of China’s tax reform under the 12th Five Year Plan (2011–2015), value-added tax will replace business tax. Shanghai has taken the lead in the value-added tax (VAT) reform, having instituted a Pilot Reform Program for the transportation sector and six modern service industries since January, and Beijing is next. Large-scale geographic expansion is on the way, with nine other cities and provinces having officially applied to participate in the Program so far.
VAT reform is a confusing transition for many and introduces a number of additional questions, such as exactly what types of input VAT are now deductible. Confusion about the new laws may also allow opportunistic companies to charge higher prices and blame the increase on the tax reform.
To add some clarity to the issue – and VAT in general – this issue of China Briefing takes a look at a number of VAT-related questions, including:
Value-Added Tax Reform is out now and immediately available as a complimentary PDF download on the Asia Briefing Bookstore throughout the months of July and August.
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Six Key Points Regarding China’s Tax Reforms in 2012
VAT Reform Rates by Service Type
Foreign-Trade Enterprises Can Still Apply for Input VAT Credit Certificates
Ten Cities and Provinces Apply to Participate in VAT Reform Pilot Scheme
China’s SAT Issues Measures for Claiming Zero-Rated VAT
Following Shanghai, Beijing to Roll out VAT Reform in July 2012
China Specifies Services Eligible for Zero VAT Rate and VAT Exemption
Beijing Applies for Implementation of VAT Reform Pilot Project
China’s VAT Reform: General Taxpayer Status and Tax Filing Issues
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