Jan. 2012 - Further Clarifications on the Pilot Value-added Tax Reform

On November 16, 2011, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued two circulars Caishui [2011] No. 110 (“Circular 110”) and Caishui [2011] No. 111 (“Circular 111”) effective from January 1, 2012.

The two circulars introduce changes to the prevailing tax treatments and procedures on pilot services in Shanghai. Caishui [2011] No. 133 (“Circular 133”) provides clarification to various issues.

Circular 133 addresses the following key points in relation to the pilot VAT reform:

  • Sales of used fixed assets
  • Taxation methods
  • Provision of cross-year services
  • Download the newsletter for detailed information

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Further clarifications on the pilot VAT reform