China to combine VAT rates
- Nov 26, 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.
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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax
Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.