Other Briefings
China Releases Announcement on VAT Collection in Beijing and Other Regions
China’s State Administration of Taxation released Announcement [2012] No.42 on August 24, aiming to guarantee the smooth implementation of VAT pilot projects.
VAT General Taxpayer Status: How and Why
One factor to consider when calculating the overall cost of China’s recent VAT reform is whether or not a company should become a general taxpayer or remain a small-scale taxpayer. Although the VAT rate for small-scale taxpayers is much lower than that for general taxpayers – 3 percent instead of 17 percent (or 13 percent for the import of specific goods) – obtaining the general taxpayer status is still beneficial for companies with considerable annual business turnover.
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.
VAT Pilot Reform in Beijing and Other Regions: General Taxpayer Recognition
China’s State Administration of Taxation released an announcement clarifying issues regarding general taxpayer recognition under the Value-added Tax (VAT) pilot program in Beijing and seven other provinces and cities of China.
China Issues FAQs Relating to Deed Tax and VAT
Recently, China’s State Administration of Taxation (SAT) issued frequently asked questions related to deed tax and value-added tax (VAT) based on existing regulations. They are as follows:
Deed Tax Related
Q: Where a parent company transfers land to its wholly-owned subsidiary, will deed tax apply?
White Paper Issued on Strengthening the Legal Environment for Shanghai’s Finance Sector
The Shanghai Financial Service Office and Shanghai Legislative Affairs Office jointly issued the “White Paper on Constructing the Legal Environment for Shanghai as an International Finance Centre (hereinafter referred to as the ‘Paper’)”on August 7. This publication is the first of its kind to be published nationally.
Tax Refund Pilot Policy in Effect for Certain Goods Transiting through Shanghai
The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly released the “Notice on the Trial Implementation of the Ports of Departure Tax Refund Policy in Shanghai (caishui [2012] No.14, hereinafter referred to as ‘Notice’)” earlier this year, which came into effect on August 1, 2012. The Notice gives green light to Shanghai to pilot a system of tax refund at the ports of departure (“tax refund pilot program”).
Clarification Issued on Consumption Tax for Taxable Consumer Goods
Aug. 3 – The Ministry of Finance and the State Administration of Taxation issued a notice interpreting provisions in the “Detailed Implementing Rules for the Interim Regulations of the People’s Republic of China on Consumption Tax (MOF Order No. 51, hereinafter referred to as the ‘Rules’)” on July 13. According to Article 7, Paragraph 2 […]
