Qingdao QIBA Event Summary: "VAT Reform is Coming: Is your business ready?" presented by Sabrina Zhang
Country of Origin: China
Office: Beijing Office
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