Other Briefings
Fujian Province, Increasing Trade Ties with Taiwan
By Yao Lu Oct. 24 – As the first province in China to implement the policy of “opening to the outside world,” Fujian is one of the wealthier regions in the country. Its economy has posted double-digit growth for 10 consecutive years and in 2011, the provincial GDP reported a 14.4 percent growth, amounting to RMB1.741 trillion. […]
Jiangsu Province Releases Announcement on Transitional Tax Policies
Jiangsu Province released the “Announcement on Operation Details of the Transitional Preferential Policies in the Pilot Collection of Value-added Tax in Lieu of Business Tax in Transportation and Certain Areas of Modern Service Industries” on October 15, which is retroactively effective from August 1, 2012. Key information taken from the Announcement can be found here.
Macau’s Path to Economic Diversification
By Yao Lu Oct. 22 – The free flow of goods and services, money and capital has turned Macau into one of the most liberal trading regimes in the world. This free trade approach is of vital importance to the region’s economic survival as it boasts limited natural resources and a very small domestic market. […]
Guangzhou Releases Plan for VAT Pilot Collection
Guangzhou released the “Notice on the Plan for the Pilot Collection of Value-added Tax in Lieu of Business Tax in Transportation Industry and Certain Modern Service Industries” on October 12, aiming to promote the smooth implementation of the pilot collection.
Hong Kong’s Economic Standing Amid the Global Slowdown
By Yao Lu Oct. 17 – Long known for its openness and dynamism, Hong Kong boasts one of the most advanced economies in Asia, and in the world. The city has been ranked the world’s most competitive economy for the second consecutive year by the International Institute for Management Development and the world’s freest economy […]
China Releases Circular Concerning CEPA Implementation
China released the “ Circular Concerning the Issues on Implementing the ‘Ninth Supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement’ and ‘Ninth Supplement to the Mainland and Macau Closer Economic Partnership Agreement’” on September 27. The Circular is scheduled to take effect on January 1, 2013.
VAT Reform in Guangdong Province: A Transition to Value-Added Tax
Oct. 9 – Since its invention in France in 1954, value-added tax (VAT) has been implemented widely in more than 170 countries. China joined the wave in 1979 and set up the coexistence of business tax (BT) and VAT systems in its 1994 Tax Reform. However, this coexistence has caused confusion to business enterprises due […]
Jiangsu Province Issues Guidance on General Taxpayer Recognition
Jiangsu’s Provincial Office of the State Administration of Taxation recently released an announcement clarifying issues regarding general taxpayer recognition under the value-added tax (VAT) pilot program in Jiangsu Province.
