China to combine VAT rates
- 26 November 2016 | Richard Asquith
China has indicated that it plans to reduce the number of VAT rates to simplify compliance. This is likely to mean the consolidation of the main 11% and 6% rates – although no details have been provided yet.
The current Chinese rates are:
- 11% Retail; entertainment; hotel; restaurants; catering services; real estate and construction, telephony calls; postal; transport and logistic.
- 6% Financial services and insurance; telephony and internet data; IT; technology; consulting.
- 3% Chinese National Education Tax
- 2% Chinese Local Education Taxes
- 7 % City Maintance & Construction
The above VAT rate replaced the old VAT and Business Tax regime between 2012 and 2016.
India has extended by 5 days the deadline for the filing of September's Goods and Services Tax return. The new filing deadline for the GSTR-3B...
Japan is to confirm this week its plan to complete the second rise in its Consumption Tax, from 8% to 10% in October 2019. The...
The Ministry of Finance in Singapore is to update its proposals to reform its Goods and Services regime following a recent public consultation. The reforms...