China farewelling Business Tax: VAT to cover all industries

BEIJING - On 1 May 2016, China will complete its VAT pilot programme and end the bifurcated value-added tax (VAT) and business tax (BT) system that has been in place since 1994. A comprehensive and uniform VAT system will apply to all industries, and business tax (BT) will be swept into the dustbin of history.

In a Client Alert, lawyers Baker & McKenzie comment on the general changes introduced by Notice 36 and seven bulletins (collectively “ New VAT Rules ”) and then discuss certain industry-specific changes, providing some general recommendations for taxpayers.  www.bakermckenzie.com     (ATI).