The Business Tax system in Mainland China was progressively replaced by value-added tax (VAT), with the implementation of the VAT pilot programme from 2012 to 2016, and a series of regulations issued jointly by the Ministry of Finance and the State Administration of Taxation (including Caishui [2016] No. 36, “Circular 36"). Alongside a series of measures, such as adjusting the VAT rates, expanding the scope of VAT creditable items, and establishing a mechanism for refunding excess input VAT credits, the Mainland Government is seeking to achieve, not only the establishment of a modern VAT system, but also the reduction of the tax burden on businesses in a wide range of sectors, including manufacturing, construction and transportation. In this live webinar, the speakers explain the background to the VAT reform in the Mainland, discuss the latest development of the VAT legislation, and explore the impact of the changes on taxpayers.

Associate Professor Jack WOO is a member of the Hong Kong Institute of Certified Public Accountants (HKICPA). Established in 1973 under the Professional Accountants Ordinance (Cap. 50), the Hong Kong Institute of Certified Public Accountants (HKICPA) is the only statutory registered authority for professional accountants in Hong Kong responsible for the training, development and standard-setting of the accounting profession in Hong Kong. The Association has more than 47,000 members and over 14,000 registered students. Hong Kong CPA is an internationally recognised top professional qualification. The Association is a member of the Global Accounting Union and the International Federation of Accountants, and actively promotes international professional development.

Picture/Text: Jack WOO