China alert - Issue 28, December 2012
Circular No. 68 and No. 96 are supporting measures under the background of VAT reform, and clarified the controversial issues of the calculation base of CBDL after VAT reform. Meanwhile, as the CBDL are collected associated with VAT, Circular No.68 also indicates that the CBDL should be collected by the state tax bureaus, instead of the local tax bureaus, considering the efficiency of tax administration and collection. The State Administration of Taxation (SAT) also issued Announcement 51 on the filing procedure of CBDL after the VAT Pilot Program.
© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.