On January 1 2012, the Chinese government took a giant step forward in its plan to replace the dual system of indirect taxes in China, being Business Tax (BT) and Value Added Tax (VAT), with a single VAT across both the goods and services sectors. Lachlan Wolfers, John Wang and Shirley Shen envision how the process that started with the commencement of a pilot scheme in Shanghai will progressively expand across China.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year