Preliminary work for pilot VAT reform finished
- Details
- Category: Governmental News
- Published: Tuesday, 27 November 2012 09:56
News from national tax department showed that the simulation run for the pilot reform of replacing turnover tax with value-added tax (VAT) was finished and the preliminary work for the pilot reform came to an end. Half a month later, the reform will be launched officially.
It is learned that the collection and management system of the national tax department has already registered 12,666 businesses till Nov. 8, among which 3,700 businesses are in the transportation area while the rest are in modern services industry. In those companies, 2,093 have been identified as general taxpayers, with 562 being in the transportation area and 1,531 in modern services industry.
Counties and towns also measured the influences brought by the pilot reform. For instance, Haishu District affirmed that 2,141 pilot taxpayers would change to pay VAT rather than turnover tax, and the VAT reform was expected to lead to reduction of about 200 mln yuan of turnover taxes, while Beilun affirmed 1,367 taxpayers and saw a decrease of 30 percent in tax burden rate. Investigations conducted previously showed that 95 percent of Ningbo’s pilot enterprises might saw a decrease in their tax burden during this reform.
