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Asia News, April 2016

Final Phase of Transitioning from Business Tax (“BT”) to Value Added Tax (“VAT”)

On 24 March 2016, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) issued Circular Caishui [2016] 36 (“Circular 36”). Circular 36 contains the VAT rates and rules applicable to all industries which thus far have not been affected by the transitioning from BT to VAT and which must now transition with effect from 1 May 2016. (...)


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