December 1: The Chinese government recently announced that it will be undertaking significant reforms of indirect taxes-including replacing the business tax (one of China's three forms of indirect tax) with a value added tax (VAT). The indirect tax reform will commence beginning 1 January 2012, with a pilot program in Shanghai. While the reforms are initially limited to Shanghai, they are expected to be applied across China in the near future.
Given the large number of foreign multinationals doing business in China, an understanding of the issues and opportunities these reforms present is essential in order to be ready for the eventual implementation.
The KPMG member firm in China has prepared a webcast recording with slide presentation covering:
||How the new VAT rules will operate|
||The impact on business of the indirect tax reforms, and in particular, on foreign multinationals doing business in China|
||What businesses need to do to prepare for the reforms|
||The opportunities these reforms present for businesses, and how KPMG can assist with these reforms|