VAT

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

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

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

The Ministry of Finance, General Administration of Customs and State Administration of Taxation jointly issued a new tax policy on cross-border e-commerce retail imports on 24 March. With effect from 8 April 2016, cross-border e-commerce retail goods will no longer be subject to personal postal articles tax but will be levied import tariffs, import value-added tax (VAT) and consumption tax on the goods to promote the healthy development of cross-border e-commerce. More