VAT

New Measures Introduced to Promote VAT Reform in Construction and Other Service Sectors

27 July 2017

A supplementary circular with regard to the pilot programme of replacing business tax with VAT in the construction sector and several other service industries has been issued by the Ministry of Finance. More

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Provisions of New Three-Tier VAT Regime Announced

25 July 2017

In line with its policy of VAT reform, including the abolition of business tax in selected service sectors and the streamlining of the relevant tax bands, the State Council has announced a new three-tier VAT regime. This has seen the previous four-tier system simplified into three (17%, 11% and 6%) as of 1 July this year, with the 13% tax rate scrapped entirely. More

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New Proposals Published with a View to Modernising VAT for Online Sales

13 January 2017

On 1 December 2016, the European Commission presented a set of legislative proposals modernising the current VAT rules that apply to e-commerce activities. Once adopted, the new measures may prove to be a double-edged sword for Hong Kong traders selling online to the single market. More

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Ministry of Finance Clarifies VAT Policy on Finance, Real Estate

04 January 2017

China’s Ministry of Finance and State Administration of Taxation have jointly released a circular clarifying value-added Tax (VAT) policy on finance, real estate development and education services (Cai Shui No.140 [2016]). More

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Guangdong Offers Departure Tax Refund to Overseas Visitors from 1 July

07 July 2016

Guangdong's Department of Finance disclosed on 27 June that, as the province with the largest number of inbound tourists, Guangdong (excluding Shenzhen) will start offering departing overseas visitors VAT refund for their purchases from 1 July 2016. The actual tax refund rate is 9%. More

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European Commission Presents Measures to Modernise VAT in the EU

27 May 2016

On 7 April 2016, the European Commission presented an Action Plan containing strategies on how to develop the current Value Added Tax (“VAT”) system in the EU. Hong Kong traders may like to know that the VAT system holds an important role in Europe’s Single Market, and was initially established to remove turnover taxes which distorted competition and hindered the free movement of goods. More

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Guangdong Reduces Enterprise Income Tax for Small and Micro Enterprises

27 May 2016

The Economic and Information Commission of Guangdong Province recently disclosed that the enterprise income tax rate will be reduced from 20% to 15% for small and micro enterprises. More

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Resource Tax Reform in Full Swing after 1 July

24 May 2016

The Ministry of Finance and the State Administration of Taxation jointly announced on 10 May their plan to roll out the resource tax reform across China starting from 1 July 2016. More

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China Revises Criteria of Serious Tax Offences

06 May 2016

The State Administration of Taxation (SAT) recently issued the revised Measures for the Release of Information on Major Tax Violation Cases (for Trial Implementation). More

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SAT Issues Three Directives for Pilot VAT Reform

05 May 2016

The State Administration of Taxation (SAT) recently issued the Announcement on Matters Relating to Tax Collection and Administration in the Pilot Programme to Fully Replace Business Tax with Value-Added Tax (VAT). More

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