China Tax/Business News Flash 

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Dec 2008, Issue 19

The expected and unexpected in the Amended Detailed Implementation Rules of Chinese turnover tax regulations
      
We reported in our News Flash 2008 Issue 17 that the State Council promulgated the amended Provisional Regulations of Value Added Tax ("VAT"), Business Tax ("BT") and Consumption Tax ("CT") (collectively "Amended Provisional Turnover Tax Regulations") on 10 November 2008.
 
In order to ensure a smooth implementation of the amended Provisional Turnover Tax Regulations, their respective Detailed Implementation Rules ("DIRs") have to be amended accordingly.  On 15 December 2008, the Ministry of Finance ("MoF") and the State Administration of Taxation ("SAT") completed the amendments and released the three DIRs.  The Amended Provisional Turnover Tax Regulations and their Amended DIRs will be effective 1 January 2009.
 
We have summarised below the major changes in the Amended VAT DIR and BT DIR.  There are no significant changes to the CT DIR.
 
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