The merging of VAT and Business Tax to produce a unified goods and services tax (GST) type of indirect tax is necessary for the healthy development of the Chinese economy. However, formidable obstacles lie in the path of reform, the greatest of which is that the central/local government revenue sharing system would be upset. Dealing with such obstacles will be a delicate balancing act, explain Lilly Li and Anthony Chan of KPMG
Unlock this content.
The content you are trying to view is exclusive to our subscribers.
Scott Bessent reportedly felt undermined by Musk naming Gary Shapley as acting IRS commissioner; in other news, Baker Tilly will combine with a top 15 US firm
Despite garnering significant revenues from multinationals, Italy’s digital services tax presents pressing double taxation issues, say Stefano Simontacchi and Francesco Saverio Scandone of BonelliErede