综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Industries

China expands VAT to telecom sector

(Xinhua) Updated: 2014-04-30 20:01

BEIJING - China is to replace turnover tax with value-added tax (VAT) in the telecom sector, following similar changes in transport and some service sectors.

The new rules become effective on June 1, the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) announced on Wednesday.

Basic telecom services such as voice calls and bandwidth leasing or sales will be subject to 11 percent VAT while value-added services such as messaging, data transfer and Internet access will be subject to a 6 percent rate. Telecom services for overseas clients will be exempt.

The MOF's Liu Shangxi said that VAT creates a fairer market environment. China has been pushing VAT reform since the beginning of 2012. The reform started with transportation and some modern service sectors, and expanded to railway transportation and postal service sectors before it was introduced in the telecom industry.

As of the end of March this year, the VAT reform has covered nearly 3 million businesses and saved them 220 billion yuan (35.5 billion U.S. dollars), according to SAT. The changes help avoid double taxation and eliminate distortions in tax policies, said Hu Yijian of Shanghai University of Finance and Economics.

SAT is working on plans to expand VAT to more sectors, including construction, real estate and service sectors that meet people's daily needs, such as catering, hairdressing and photography. The administration has a goal of expanding VAT to all merchandise and services by the end of 2015.

Turnover tax refers to a tax on the gross revenue of a business, while a VAT refers to a tax levied on the difference between a commodity's price before taxes and its cost of production.

Hot Topics

Editor's Picks
...
...
陈巴尔虎旗| 榕江县| 郑州市| 汉中市| 沂南县| 于都县| 保康县| 太康县| 泰顺县| 深水埗区| 姚安县| 于都县| 万宁市| 建昌县| 陵水| 常宁市| 屯昌县| 黎平县| 尼玛县| 金阳县| 德阳市| 七台河市| 六盘水市| 桐庐县| 苍溪县| 永福县| 保亭| 康马县| 德江县| 大荔县| 临西县| 常山县| 望都县| 靖边县| 叙永县| 鹤岗市| 庄浪县| 广安市| 黔江区| 尚志市| 平潭县|