China

Details

  • Service: Tax, Indirect Tax
  • Type: Publication series, Regulatory update
  • Date: 11/18/2011

VAT reforms become a reality for 2012 pilot program 

China alert - Issue 40, November 2011

 

On 17 November 2011, the Chinese government took a giant step forward in its quest to apply a Value Added Tax (VAT) across both its goods and services sectors.

 

In joint circulars issued by the Ministry of Finance (MoF) and the State Administration of Taxation (SAT), Caishui [2011] No.110 and No.111, detailed implementation and transitional rules (referred to below as 'the rules') were released to give effect to a pilot program in Shanghai to replace business tax (BT) with a VAT, commencing on 1 January 2012. While the pilot program is limited to Shanghai and to particular industries only, the implementation and transitional rules are likely to serve as a roadmap to the way the reforms will ultimately be implemented across the whole of China.

 More VAT related publications

 

Get in touch with KPMG China

 


 

Subscribe to receive email alerts or e-Newsletters from KPMG China when new updates are available.

 

 

China in focus

Newsletters - Our weekly and monthly newsletters summarise industry news, market trends and updates in regulations for the China and Asia Pacific regions.