Evolution: VAT reform changes the economy

Over the past six months, Shanghai has adopted a full set of laws and regulations for its value added tax pilot programme. The move will help China's economy evolve from a manufacturing hub and encourage the development of modern service sectors

10 minute readMay 04, 2012 at 12:57 AM

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& clp articles

China introduced value added tax (VAT) in 1994 as a single nationwide tax combined with business tax (BT). VAT is responsible for the added value generated in the sale, provision of processing, reparation and maintenance.

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