VAT Updates: China, Czech Republic, Romania, Portugal
China’s pilot scheme for VAT which is intended to replace the current business tax in Shanghai is likely to be extended to Beijing in July, this year. Currently, VAT is being applied only to the manufacturing industry. The pilot VAT rates of 11% and 6% are mainly being introduced to support the services sector such as transportation. China commenced the VAT pilot scheme in Shanghai earlier this year with the aim to start unifying all turnover taxes into VAT and...
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