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 […]
Starting from July 1, 2012, VAT general taxpayers who purchase agricultural products as raw materials for the production and sales of liquid milk and dairy products, liquor and ethyl alcohol, or vegetable oil, will be able to deduct input VAT.
China’s Ministry of Finance released the country’s tax revenues for the first quarter of 2012 on Tuesday, with highlights including year-on-year growth in total revenues of 10.3 percent to RMB2.59 trillion (US$410 billion).
The “Circular on Commencing the VAT Reform (Replacing BT Imposition with VAT Imposition) in Shanghai’s Transport Industry and Several Modern Service Sectors” explains multiple issues including services that become VATable, VAT rates, as well as calculation methods, taxpayer status and favorable VAT treatment to specific services.
In a move to substantially reduce the financial burdens on the country’s micro and small-sized enterprises (MSEs), China recently announced that MSEs would be exempt from 22 types of administrative fees.
In a move to increase the number of green vehicles on the country’s roads, China is urging new-energy car promotions in 25 major cities. The new regulatory call will likely provide a boost to the green automobile market after the country saw an overall deceleration in car sales partly due to last month’s issuing of a tightened subsidy policy for fuel-efficient car models.
Following the Chinese State Council’s call for providing more financial support to cash-strapped small enterprises under the country’s tightening monetary environment, the State Administration of Taxation and Ministry of Finance recently co-issued a new circular that will grant favorable tax treatment to financial institutions when they offer loans to small enterprises.
Oct. 20 – The United States, its financial regulators, and now its courts are locked in a battle with Chinese regulators over the provision of documents related to alleged fraud committed by Chinese companies listed in the United States. China’s financial regulators have forbidden the Big Four audit firms from releasing any documentation concerning Chinese […]