The Chinese Government has been implementing one of the most ambitious tax reform programs in recent history. The program commenced in January 2012 with the introduction of a pilot program in Shanghai, replacing Business Tax (BT) with a Value Added Tax (VAT) for a number of services sectors. This change, which is intended to promote the development of the services sector in China as part of the Government’s 12th Five-Year Plan, has significant ramifications for multinational companies doing business in, or with, China.
© 2021 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.