Jan. 2012 - Further Clarifications on the Pilot Value-added Tax Reform
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Further Clarifications on the Pilot VAT Reform
On November 16, 2011, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued two circulars Caishui [2011] No. 110 (“Circular 110”) and Caishui [2011] No. 111 (“Circular 111”) effective from January 1, 2012.
The two circulars introduce changes to the prevailing tax treatments and procedures on pilot services in Shanghai. Caishui [2011] No. 133 (“Circular 133”) provides clarification to various issues.
Circular 133 addresses the following key points in relation to the pilot VAT reform:
- Sales of used fixed assets
- Taxation methods
- Provision of cross-year services
- Download the newsletter for detailed information
