On 28th March 2018, a series of value-added tax (VAT)-related measures were announced following a State Council Standing Committee Meeting chaired by Premier Li Keqiang. The announcement contained a number of ground-breaking changes to the rules governing VAT and outlined how Chinese authorities’ would take tax-related reform to the next level.
The announced measures had three primary changes:
- Reductions in the VAT rate
- Changes to the revenue threshold and administrative procedures for general VAT taxpayers and small-scale VAT taxpayers
- A refund of excess input VAT of qualifying advanced manufacturing and modern services as well as electricity grid businesses
It is estimated that the reduction in taxes brought about by the above listed measures will total renminbi-yuan (CNY) 400 billion (including CNY 240 billion from a reduction in the VAT rate). According to the Chinese Government, these savings should benefit both domestic and foreign-invested enterprises alike.
The European Chamber is delighted to invite Kenneth Leung, Greater China indirect tax leader of EY (China) Advisory Ltd, to present and explain the implications of these tax measures and to further discuss:
- The rationale behind the VAT changes;
- The effect China’s changing VAT policy is going to have on business; and
- How companies should prepare themselves for future changes including the expected VAT rate convergence where the existing three general rates will be consolidated to two.
Agenda
15:00 – 15:30 Registration and welcome coffee
15:30 – 15:35 Welcome remarks by Magnus Sprenger, Vice Chair of Finance & Taxation Working Group, European Chamber
15:30 – 16:20 Presentation by Kenneth Leung, Greater China Indirect Tax Leader, EY (China) Advisory Limited
16:20 – 17:00 Moderated Q&A, by Magnus Sprenger, Vice Chair of Finance & Taxation Working Group, European Chamber
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