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.
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