China’s indirect tax system has, for many years now, been a bifurcated system with VAT broadly applying to the goods sector, and Business Tax (BT) applying to the services sector. Given that BT is essentially a tax on business which cascades throughout a supply chain, and which is generally regarded as being an inefficient form of taxation, the Chinese government has been embarking upon a program of progressively replacing BT with VAT since 2012.
During the 2016 National People’s Congress this month, Premier Li Keqiang announced in the Government Work Report that Value Added Tax (VAT) reforms will be fully implemented and expanded to the construction, real estate, financial and consumer services industries starting from May 1, 2016.
Since its implementation, the new rules will prove very challenging for many businesses. Managing obligations to external stakeholders and implementing internal systems and processes are priorities many businesses should be well prepared for.
The European Chamber is delighted to have Mr. Michael Li, Tax Partner at KPMG as he provides an overview of the high level policies and general impacts of the VAT reform across different industries.
AGENDA
14:00 to 14:30 Registration
14:30 to 14:40 Welcome Remarks
14:40 to 15:10 Presentation
15:10 to 15:50 Q&A Session
15:50 to 16:00 Closing Remarks
Payment:
You can pay at the day of the event using cash or local debit/credit cards. The European Chamber can give you an official fapiao for amount exceeding 200 RMB, and this will be sent to you via courier a few days after the event.
Terms & Conditions:
Events have limited seating so to ensure your attendance we encourage advance online registration and payment for ALL events. We cannot guarantee entry to anyone not registered in advance.
Cancellation Policy:
If you cannot attend an event for which you have registered, please cancel your registration no later than one business day prior to the event. If you fail to notify us of your cancellation in a timely fashion, you will be charged for event costs.
To cancel you can: 1) email: ltan@europeanchamber.com.cn, or 2) cancel online if you registered for the event through the website.