China Briefing News

MOF, SAT Interview on China Tax Reforms

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Apr. 25 – Newly appointed Minister of the Ministry of Finance (MOF) Lou Jiwei and Director of the State Administration of Taxation (SAT) Wang Jun were interviewed by the official central media of China on April 16 concerning the further development of the pilot reforms on the value-added tax (VAT) in lieu of business tax […]

New Issue of China Briefing: Value-Added Tax Reform

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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.

China Clarifies Use of Special VAT Invoices for Export Tax Refunds

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China recently clarified that foreign-trade enterprises can use special VAT invoices which have been approved as input VAT creditable to apply for export VAT. Clarification was also issued concerning the treatment of special VAT invoices under different circumstances.

Guangzhou Simplifies Electronic VAT Declaration Procedures

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Guangzhou’s value-added tax small-scale taxpayers are now not required to submit paper declaration forms when they file electronic VAT declarations.

China Continues Offering Tax Incentives to Animation Industry

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As part of its support for emerging cultural industries, China’s Ministry of Finance and State Administration of Taxation recently announced to continue the favorable value-added tax and business tax treatment to the animation industry.

China Specifies VAT Treatment for Sale of Self-used Fixed Assets

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When selling self-used fixed assets, certain general value-added tax (VAT) payers under specific circumstances can use the simplified method to calculate their VAT payment.

Sale of Food Not for Immediate Consumption Now Subject to VAT

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Starting next year, the sale of food not for immediate consumption from hotels and food & beverage businesses will no longer be subject to business tax, according to China’s State Administration of Taxation.

China Expands Tax Incentives to Promote Circular Economy

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China will reduce or eliminate value-added tax (VAT) burdens on enterprises that recycle wasted resources during production, in a bid to further promote the country’s circular economy that makes industrial manufacturing more environmentally friendly.

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