| Journal Call no. | HF5601.N43 |
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| Author | Shum, Edward. |
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| Article Title | PRC tax reforms : Business Tax / Edward Shum. |
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| Is Part Of | The Hong Kong accountant ; v.5, no.2, Mar/Apr 1994, p.58-59, illus. |
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| Abstract | The new Business Tax (BT) was introduced by China on 1 January 1994 to replace Consolidated Industrial and Commercial Tax (CICT) which applied to foreign funded enterprises and the old BT which applied to Chinese domestic enterprises. BT is a turnover tax payable by taxpayers based on the gross revenues of services or proceeds from transfer of intangible and immovable properties. BT and Value Added Tax (VAT) are mutually exclusive in that any transaction or business which is subject to BT is not subject to VAT. |
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