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Taxing time for VAT as replacement tax
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CHINA may expand a trial to replace the business tax with value-added tax next year if not this year, Ernst & Young said yesterday.
VAT “may take place next year if not this year as authorities want it to happen as early as possible because the reform has been proven as a stimulus to the service industry,” Kenneth Leung, indirect tax leader at EY China, told Shanghai Daily in an interview yesterday.
China launched the VAT reform in January 2012 in Shanghai in an effort to ease the tax burden for companies and boost the service sector. According to a government blueprint, the VAT was set to replace business tax by the end of this year.
The VAT has still to be applied to four sectors — real estate, construction, financial services and customer services.
“From what we can see now, including both the complexity of the tax reform policies and recent economic indicators, it’s not likely the reform is to be introduced to the remaining sectors this year,
Although the VAT reform for the four sectors may not be completed this year, tax experts suggested industries should prepare for major changes that the new tax regime would bring about.
“It almost involves a complete business transformation ranging from financial, accounting, customer relationship management to vendor management,” said Gijsbert Bulk, EY’s global indirect tax leader.
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