| Abstract | When China's tax system was over-hauled at the beginning of the year, no one expected a tangle-free situation. The PRC Government had swapped its old consolidated industrial and commercial tax (CICT) for a new regime consisting of a value-added tax, a business tax, and a consumption tax. Now tax experts are calling for greater clarity from mainland authorities. "China is taking steps to achieve simplicity and to offer investors tax incentives," says Terry Browne, European tax director of global accounting and tax adviser for Deloitte Touche Tohmatsu. "But confusion may arise through the relative lack of sophistication in the tax law and its inconsistent implementation throughout the provinces. |
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