China: VAT pilot program launched in seven bonded customs zones

China: VAT pilot program launched

Guidance jointly issued by government agencies provides a value added tax (VAT) pilot program in seven bonded customs zones.

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The guidance—Announcement 65—was jointly issued by the State Administration of Taxation, the Ministry of Finance, and the General Administration for Customs. The guidance provides a comprehensive regulatory framework for the bonded customs zones of Kunshan, Suzhou Industrial Park, Chongqing Xiyong, Shenzhen Yantian, and Zhengzhou Xinzheng as well as the export-processing zones of Shanghai Songjiang, and Henan Zhengzhou.  

Under the VAT pilot program, selected enterprises would be subject to the same tax and customs regulations (i.e., pertaining to customs duty, VAT and consumption tax) as would an “out-of-the-zone” domestic enterprise. 

 

Read a November 2016 report prepared by the KPMG member firm in China: Domestic Market Ahead-VAT general tax payer (GTP) status piloted in special customs supervision zones

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