VAT system changed from production-based to consumption-based.
December 18, 2008
Tax
Calculation of business turnover for business tax purposes revised.
December 18, 2008VAT system changed from production-based to consumption-based.
December 18, 2008According to the revised Regulations, the amount of consumption tax payable may be calculated ad valorem, at a flat rate or by a combination of the two.
December 18, 2008China once welcomed foreign exchange inflows; now, hot money is threatening its developing economy. To control the flow of trade funds, the regulator has set requirements for compliance with rules on advance payments and deferred receipt of payments. The new rules could lead to tax losses and fines for exporters. By David Wang, Chris Yang and Chris Chen, Broad & Bright Shanghai Office.
December 18, 2008Calculation of business turnover for business tax purposes revised.
December 18, 2008A sweeping VAT reform takes place in China on January 1 2009. It will benefit many domestic companies but could block the cash-flow of some foreign invested enterprises, removing advantages enjoyed under the old tax regime. By Joanna Law.
December 18, 2008Export tax rebate rate lowered for textile products.
November 10, 2008Curbs on property transactions lifted.
November 10, 2008