Today, Bridge IP Law Commentary will post you the latest China laws and regulations promulgated in November, and the following is the first part of the month:
1. The State Council of People’s Republic of China decides to start pilot VAT reform in Shanghai and a series of policies will be promulgated
On 16th November, 2011, the Ministry of Finance and the State Administration of Taxation issued the Experimental Plan of Transfer of Levy on Business Tax to VAT, and the Notice of Experiment of Transfer of Levy on Business Tax to VAT in the Transportation Industry and Part Modern Service Industries in Shanghai, which provide that the pilot of VAT replaces the existing business tax will be carried out in the transportation industry and part modern service industries in Shanghai from 1st January, 2012. Before that, with regarding to VAT, the Ministry of Finance and the State Administration of Taxation has issued the Notice on Return the Period-end Un-credited VAT Levied on the Purchase of Integrated Circuit Enterprises, and on the same day, the State Administration of Taxation issued the Announcement on the Adjustment of the Administration Measures of the Preferential Policy “Levy first and Return Immediately” for VAT.