China's New VAT Regulations May Significantly Increase Charges on China Exports

China's new regulation on value-added tax (VAT), which went into effect on 1 August 2013, may increase charges on exports originating from China by up to 6 per cent. Circular No. 37 of 2013, jointly issued by China's Ministry of Finance (MOF) and State Administration of Taxation (SAT), provides for the replacement of business tax with the VAT on a nation-wide basis. A pilot program for the current VAT policy was introduced in Shanghai in January 2012 and subsequently expanded to nine other areas in China.

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