VAT Reform

China Newsletter | September 2014

WFOE SET-UP IN THE SHANGHAI FREE TRADE ZONE

Shanghai has undergone an amazing number of reforms over the past year, since the launch of its Free Trade Zone. And a lot is still on the way, making setting up in Shanghai to look better than anywhere else. But does this make sense for you? Discover an overview of a year of reform in the Zone.

JOINT VENTURES IN CHINA: HOW TO MAKE YOUR PARTNERSHIP SUCCESSFUL

An overview of the VAT Reform

The Value-Added Tax (VAT) has been carefully introduced in China since 2012, starting in Shanghai and spreading in the whole country. After 2 years and more than 500 regulation changes, the VAT reform is about to enter its very last phase, seeing the total removal of the Business Tax (BT). Understanding how the VAT works has, therefore, never been so important, as this tax bears both high risks and opportunities.

Current state of the reforms

More VAT reform: Expanding to Telecom Sector

A new addition to the value added tax "VAT" reform will be added that is likely to take force on the first of April, 2014. The current reform wraps up different kinds of services ranging from 0% till 17% that relies on the service sector in which the company is placed.

Beijing kicks off VAT reform implementation under Pilot Project

 Beginning in January 2012, Shanghai kicked off a pilot project in transport and certain modern service sectors. Following in Shanghai's  footsteps, Beijing has recently taken a step to initiate VAT reform by submitting its application to the MOF and SAT to start a similar pilot project in the transportation industry and certain modern service industries.

Beijing - Shanghai - Shenzhen - Hong Kong - Paris
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