The China VAT:
Rapid changes require new VAT management strategies
VAT and business taxes currently account for over 50 percent of the China government's tax revenue collection. For the last few years, China’s government has considered a comprehensive VAT reform and reports are that Beijing will launch VAT Pilot later this year and other cities may join the VAT Pilot. Due to the rapid regulatory changes, numerous accounting, invoicing and reporting requirements, China’s VAT system could be considered as one of the most complex VAT/ GST system in the world.
Rapid regulatory changes to China’s VAT regime, coupled with the lack of proactive or strategic management of VAT operations by companies, could lead to significant VAT costs and missed opportunities. New regulations are also creating chances for companies to streamline VAT operations and take advantage of special rules to recover lost VAT. Understanding the changes and planning effective VAT management is critical.
Join our panelists for a timely update on significant VAT regulatory development and a discussion of the opportunities to best position your company including:
- Lessons learned from Shanghai VAT Pilot experience, planned overall VAT reforms and other non-VAT Pilot regulatory changes
- Strategies to effectively manage the China VAT in light of the VAT Pilot and future VAT reform
- Using technology to assess your VAT risk and opportunities