VATupdate

China reports on VAT scheme | Meridian

China’s State Administration of Taxation (SAT) has stated that by the end of 2014, 4.1 million tax payers registered to account for VAT. 760,000 of those were general taxpayers and 3.34 million were small-scale taxpayers. Revenues have increased by 8.8% compared to 2013.

95% of businesses have seen a decrease in their tax burden as they are now allowed to claim input tax credits and the burden of the tax is on the consumer. VAT has also decreased the tax burden on railway and postal service providers. However it has increased by CNY6.4bn for the telecoms industry.

In 2015 eight million taxpayers will be added to the VAT scheme. These will include the financial services sector, the living services sector, the construction services sector and the real estate services sector.

via China reports on VAT scheme | Meridian.

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