TITLE

Turnover tax for foreign investment enterprises

AUTHOR(S)
Tohmatsu, Deloitte Touche
PUB. DATE
February 1999
SOURCE
Accountancy;Feb1999, Vol. 123 Issue 1266, p64
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article highlights the turnover tax transitional rule for foreign investment enterprises in China. The Ministry of Finance, Ministry of Foreign Trade and Economic Cooperation and the State Administration of Taxation have issued a joint circular reaffirming that the turnover tax transitional rule, scheduled to expire on December 31, 1998, will not be extended. The circular also explicitly states that the "exempt, credit and refund" Value Added Tax export refund method will not apply to old foreign investment enterprises until the year 2001. For foreign investment enterprises established after 1993, the exempt, credit and refund policy on domestic sales will continue to apply.
ACCESSION #
11949617

 

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