China: Business tax phases out, service tax changes
February 15, 2012 in Asia-Pacific Focus
Dr. Bernd-Uwe Stucken and Yun Wei, Salans, Shanghai Unlike other countries, China adopts both business tax (“BT”) and value added tax (“VAT”) in its turnover tax system. While the VAT system mainly applies to the sale of goods, BT is primarily levied on taxable services. The difference in tax systems causes some industries to be [...]