On 13 July 2021, the State Taxation Bureau issued the Notice on the Consolidation of the Declaration Forms for Value-added Tax, Consumption tax, Urban Construction, and Maintenance Tax and Educational Surcharges (“Notice No. 20”) effective from 1 August 2021. The consolidation of the declaration forms falls in the wider reforms to streamline tax collection and…
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In May 2016, value-added tax (‘VAT’) was reformed and expanded to several key sectors. Including real estate and construction financial services and insurance and lifestyle services. The reforms serve to unify all sectors within a disruptive VAT system, providing incentives to distribute the tax burden down the VAT chain. In practice, VAT unification stands to…
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Value-added tax (VAT) is an indirect tax applied to the sale of goods and provision of services. In 2016, all sectors of the People’s Republic of China were unified into the government VAT system, while various VAT rates were implemented on a sector by sector basis. VAT unification stands to decrease the payable VAT and…
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