China’s VAT reform crosses the finish line

May 19, 2016
China’s value-added tax rollout is now complete. This analysis maps the evolution of the PRC tax system over the past three decades and details what the 2016 Circulars has in store for the new regime

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Under the State Council’s mandate, on March 7, 2016, the PRC Ministry of Finance and State Administration of Taxation (SAT) issued the Circular on Comprehensively Launching a Pilot Project for the Levy of Value-added Tax in Place of Business Tax, or Caishui [2016] No.32 (Circular 32). This instructed all SAT branches and provincial tax bureaus across the country to expand the application of value-added tax (VAT) to the remaining industries still subject to business tax (BT), a gross turnover tax that co-existed with VAT as of April 30, 2016.

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