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New regulations to implement nationwide expansion of China’s VAT pilot program on 1 August 2013

New regulations to implement nationwide expansion...

China Tax Alert - Issue 13, June 2013  

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On 24 May 2013, The Ministry of Finance (MoF) and the State Administration of Taxation (SAT) jointly issued Circular Caishui [2013] 37 (Circular 37) setting out new regulations to implement the nationwide expansion of China’s VAT pilot program on 1 August 2013.  

Circular 37 represents the culmination of the first phase of the VAT pilot program with the nationwide implementation of VAT for the transportation and ‘modern services’ industries. Once implemented, attention will then shift to the remaining industries yet to transition to VAT – post and telecommunications, construction and real estate, financial services and insurance, entertainment and other services. Each of these industries is expected to transition to VAT before 2015.    

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