Replacing the business tax with value-added tax (VAT), which helped reduce tax burdens on enterprises and industries, has brought many positive effects to China’s macro economy, according to Fan Yong, a professor at the School of Finance and Tax at Central University of Finance and Economics. Under the reform, VAT covered all services and products, [...]
CHINA'S Ministry of Finance (MOF) will adjust tariffs on a number of exports and imports. The new plan comes into force on Jan. 1, according to the MOF website. To meet domestic demand, tax rates will be lower on some imported commodities next year including hydraulic actuators for aircraft. Imports tariff will [...]
China collected 8.97 trillion yuan ($1.33 trillion) in taxes from January to September, up 7 percent year on year, the State Administration of Taxation (SAT) said Thursday. The tax revenue growth in the first nine months this year outpaced the economic expansion of 6.7 percent in the same period. Tax collected from the tertiary industry [...]
China's financial and taxation authorities announced it would expand its value-added tax (VAT) pilot program to all industries on Thursday in order to deepen the country's fiscal and taxation reform. Starting from May 1, the replacement of business tax with VAT will be extended to construction, real estate, finance and consumer services, to ensure that [...]
Tax system for foreign enterprises located in China depends on the company`s structure. This article focuses on the taxation for WFOE (Wholly Foreign Owned Enterprise, also called WOFE), that is to say a Chinese corporation totally owned by foreign investors. WOFE doing business in China are liable to the following types of taxes: Income Tax [...]