VAT Reform in Shanghai

by swisscham in Consulting, Legal, Services, Tax

In China, there are two major kinds of turnover taxes, i.e. VAT and business tax (BT), which cover different scopes of transactions in a mutually exclusive manner. Specifically, importation and sales of movable/tangible goods are covered by the VAT regime, while transfer of intangibles and immovable properties are covered by the BT regime, with the exception that processing, repairing and maintenance services are covered by the VAT regime. The document published by CMS provides a background and a summary of the main content of the Shanghai Pilot Reform.

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