VAT news tagged as "Business tax"


China to combine VAT rates

November 27th, 2016

China has indicated that it plans to reduce the number of VAT rates to simplify compliance. This is likely to mean the consolidation of the main 11% and 6% rates – although no details have been provided yet. The current Chinese rates are: 11%  Retail; entertainment; hotel; restaurants; catering services; real estate and construction, telephony …


China VAT reform stirs global risks

May 11th, 2016

On 1 May 2016, China completed a four-year program to overhaul its antiquated VAT regime and replace its existing Business Tax on services. But the $77 billion tax cut is creating wider economic undercurrents nationally and globally. The new VAT system will give a major boost to the country’s economic ambition to pivot away from …


China VAT rates May 2016

March 24th, 2016

China has published the VAT rates for the latest industry sectors to be included in the VAT overhaul and replacement of Business Tax The new VAT rates, according the to the State Administration of Taxation from 1 May 2016 will be: Financial services – 11% Consumer services – 6% Real estate – 11% Construction – 11% …


China VAT completes May 2016

March 8th, 2016

China has confirmed that it will complete the reform of its Value Added Tax regime by May 2016. The reforms include the introduction of an OECD-model VAT system which allows for the recovery of input VAT by businesses. VAT will replace the current Business Tax, and the old VAT levy. The reforms were commenced in 2012 …


China to complete VAT reform by July 2016

December 18th, 2015

China has confirmed this week that the reform of its Value Added Tax regime will be completed before July 2016. The Chinese VAT reforms will remove Business Tax from a range of sectors, including retail, real estate, construction and financial services. Most other sectors have seen the introduction of a OECD-style VAT since the reforms …


China VAT update

September 18th, 2015

Whilst China pauses on its VAT reform, businesses continue to update their accounting and ERP’s to the already processed changes. These include switching sectors such as transport, Many of the changes have impacted the service sector, with improved recover of Chinese VAT for importers and exporters of services. This includes: software; outsourced business process services; …


China Consumption Tax updates

December 6th, 2014

The Ministry of Finance has provided an update on Chinese Consumption Taxes. These include Motorcycles below 250ml will be exempt from the tax The tax on spirits is repealed Motor vehicle tyres are exempted Leaded vehicles are now classified as unleaded and charged the same tax. Consumption Tax in China is levied on certain goods …