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Jul 2013, Issue 19

Consolidation for the future: new regulations for the nationwide implementation of the B2V Pilot Programme

In order to ensure a smooth nationwide implementation of the Business Tax (BT) to Value Added Tax (VAT) transformational pilot programme (B2V Pilot Programme), effective from 1 August 2013, the Ministry of Finance (MoF) and State Administration of Taxation (SAT) have jointly issued a new circular Caishui [2013] No. 37. The Circular consolidates details from past circulars1 on the B2V Pilot Programme (these past circulars will be abolished with effect from 1 August 2013), and also explains the scope of the latest pilot industry to be added – the broadcasting, cinematic and television services. There are also several changes to the current rules. In this News Flash we will highlight changes concerning zero-rating, computation of sales amount on a net margin basis, and etc.

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