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Indirect Taxation Of Cross-Border Services In China: (Partial) Switch To Destination-Based Taxation, Wei Cui
Indirect Taxation Of Cross-Border Services In China: (Partial) Switch To Destination-Based Taxation, Wei Cui
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In early November 2008, China's State Council approved a major overhaul of the country's VAT: starting in 2009, registered VAT payers are allowed to claim input credit for VAT paid on purchases of equipment and other non-real-property fixed assets. The change marks a decisive abandonment of China's previous esoteric "production-type" VAT (which disallowed input tax credit for fixed asset purchases) in favour of the conventional consumption-type VAT, and a giant step in the rationalization of the country's tax structure. It also promises to accelerate the pace of VAT reform, the next major stage of which is widely regarded as expanding …