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Business Tax: China's Quasi-Vat, Wei Cui
Business Tax: China's Quasi-Vat, Wei Cui
All Faculty Publications
On 1 January 2009, new VAT rules entered into force in China. Under these rules, all registered businesses are entitled to recover VAT on the purchase of capital assets other than immovable property. The Chinese VAT system does however not yet cover services and transactions concerning immovable property, which are still subject to the all-stage, cumulative business tax. In this article, the author explains that the process of gradual transformation of the business tax into a VAT has started and that the current business tax should already be seen as a quasi-VAT.
Designing Foreign Tax Credit Rules In China: The Case Of Foreign Loss Limitations, Wei Cui
Designing Foreign Tax Credit Rules In China: The Case Of Foreign Loss Limitations, Wei Cui
All Faculty Publications
Over the last few years, China’s large trade surplus against other countries, as well as its high domestic savings rate even relative to its high investment rate, have resulted in a very substantial foreign currency reserve that puts the country in the position of a significant capital exporter. The huge amount of foreign currency assets held by the Chinese government— near $1.9 trillion at the end of 2008 — and a breathtaking series of acquisitions made by Chinese firms overseas are now salient items in international business reporting and public discussion. China’s new posture as an exporter of capital has …