Tax

VAT system changed from production-based to consumption-based.

According 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.

China 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.

Calculation of business turnover for business tax purposes revised.

A 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.

Export tax rebate rate lowered for textile products.

Curbs on property transactions lifted.

Vsevolod Markov and Nataliya Shapovalova McGuire [email protected], [email protected] Kazakhstan, all taxes and main fees and…

The government's tax cutting measures issued on October 22 were an attempt to bolster China's sagging real estate market, however the initial impact…