Qingdao QIBA Event Summary: "VAT Reform is Coming: Is your business ready?" presented by Sabrina Zhang

Presenter(s):

  • Sabrina Zhang

    Country of Origin: China
    Title: Partner
    Office: Beijing Office

  • Title: Qingdao QIBA Event Summary: "VAT Reform is Coming: Is your business ready?" presented by Sabrina Zhang
  • Date: June 7th, 2013

Ms. Zhang reviews the main points and important questions related to new value-added tax (VAT) reforms in China, recently discussed at the Qingdao International Business Association. Furthermore she explains the impact on the restaurant sector as well as zero VAT rates and exemption services.

Transcript:

  • Ms. Zhang, what are the main points of the new VAT reforms imposed starting this year?

    • Focuses on the service sector

    How do these reforms impact foreign companies interested in investing China?

    • Unify the two tax systems to reduce the tax burden


    Questions from the audience:


    What impact will the VAT reform have on the restaurant sector?

    • Is not yet included but is expected to increase in the future.

    Highlights of the zero VAT rates and the exemption services

    • Zero VAT rates will apply to industries of design services, R&D, etc.

    • Exemption service apply for service provided overseas or other in scope services

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