In 2012, China launched the value-added tax (VAT) pilot reform to improve the efficiency of its national tax system. The VAT pilot reform replaces business tax (BT) with VAT in the transportation industry and certain modern service sectors at the start of 2012.
First implemented in Shanghai, the reform expanded to Beijing in September 2012 and Jiangsu, Anhui, Fujian, Guangdong, Tianjin, Zhejiang, and Hubei later in the same year. On August 1, 2013, the VAT pilot reform was implemented nationwide.
This article, excerpted from the 2 January 2014 edition of CFO innovation Asia, is available in its entirety at:
http://www.cfoinnovation.com/content/singtel-bid-new-broadband-network