By the end of 2012, ten Chinese provinces will have extended the value added tax (VAT) to services. For Guangdong it will be on 1st November 2012. In order to prepare companies’ finance departments for this major change, Mr. Peter Law, Senior Tax Manager of Mazars in Shanghai, presented the key points and shared his experience of the VAT roll-out program based on clients’ case in Beijing and Shanghai.
The members of the European Union Chamber’s taxation working group in Guangzhou further discussed the considerations be taken into account by the affected industries and prepared, with the assistance of Peter, questions and recommendations to be presented to the Guangdong Provincial Administration for Industry & Commerce on 30th October.
Over 80 participants attended the seminars and took this opportunity to ask questions to, share concerns with and seek advice from the speaker. This allowed every participant to familiarize with both the requirements and standards and to assess the financial impact.
During the seminars, the main concerns raised were on tax exemptions scope and potential problems related to different regulations in the PRD-key-cities like Shenzhen and Guangzhou.