ANALYSIS: Taking stock of Shanghai’s VAT tax reform
China's VAT tax pilot is now in full swing, with certain companies in Shanghai able to claim value-added tax rather than business tax when doing business. CT assesses the implications and consequences of this mammoth tax change.
Currently, China levies both business tax (BT) and VAT since it reformed its Goods and Services Tax (GST) system in 1994. VAT covers the sales of goods, provision of repairs and goods process services; while other services, transfer of intangible assets and immovable properties fall under the purview of BT.
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