New rules coming into effect

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The Announcement on Issues Concerning Declarations after Adjusting Value-added Taxwill be enacted from June 1, which signals smooth declaration of taxes after the countryreplace all business tax with value-added tax.

China extended the policy to cover the construction, real estate, finance and consumerservices sectors from May 1. They were the last four sectors still taxed based on theirrevenue.

Nine new rules coming into effect from June 1

Guest Xie Ping shows his value-added tax (VAT) invoice offered by Fuzhou Hotel in Fuzhou, EastChina's Fujian province

Reprinted from China daily

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