VAT reforms in China - What it means for multinational companies

VAT reforms in China - What it means for multinat...

The Chinese Government has been implementing one of the most ambitious tax reform programs in recent history. The program commenced in January 2012 with the introduction of a pilot program in Shanghai, replacing Business Tax (BT) with a Value Added Tax (VAT) for a number of services sectors.   This change, which is intended to promote the development of the services sector in China as part of the Government’s 12th Five-Year Plan, has significant ramifications for multinational companies doing business in, or with, China.

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