The"replacement of business tax by VAT reform"(hereby refer to as"VAT reform"for short)is a newly promulgated and implemented tax policy,and its impact on various industries in China is very differ...The"replacement of business tax by VAT reform"(hereby refer to as"VAT reform"for short)is a newly promulgated and implemented tax policy,and its impact on various industries in China is very different,and the highway project industry is no exception.The implementation of the"VAT reform"will not only have a positive impact on the cost of highway projects,but will also have some negative impacts.For this reason,highway project construction corporates must actively respond.The author explores and analyzes the positive and negative effects of the"VAT reform"on the cost of highway projects,and proposes a reform strategy for highway project cost work under the background of the"VAT reform",in hope of helping with bringing out the intrinsic value of highway project cost management work.展开更多
It has become a global problem to levy the standard value-added tax(VAT)on financial services.Due to the infeasibility of credit input VATs by invoice,it is infeasible to build a standard VAT system in this field.If t...It has become a global problem to levy the standard value-added tax(VAT)on financial services.Due to the infeasibility of credit input VATs by invoice,it is infeasible to build a standard VAT system in this field.If the government has to levy VAT on financial services,a practical choice is to adopt an account book method,which is to levy the special tax base through the account book using a single-rate.Meanwhile,it is not allowed to credit input VATs in this method.This kind of VAT is in effect a business tax.Due to the government’s authorized monopoly,there is no so-called over-taxation in China’s financial sector.As a result,the reform of“Replacing Business Tax with VAT”in finance should proceed without changing the original tax burden.After having conducted abundant research and statistical analyses,as for the VAT rate,9%is advised.The original way of levying taxes on the full amount of value is suggested to supplant with a new means of levying taxes on added value,with a slightly raised tax ratio,to reduce the tax base.展开更多
Value-added Tax(VAT),a turnover tax levied on the value appreciated in commodities production,circulation and sale,has been widely practiced by economies worldwide for its neutrality.From the international perspective...Value-added Tax(VAT),a turnover tax levied on the value appreciated in commodities production,circulation and sale,has been widely practiced by economies worldwide for its neutrality.From the international perspective,European Union VAT and New Zealand VAT stand out as characteristic models of VAT development and reform history.With changing economic development models and the growth of e-commerce businesses,VAT systems have been upgraded to meet taxation challenges brought about by the digital economy.Recently,VAT policies and measures have been introduced particularly to combat the COVID-19 impact.In China,the VAT system has been reformed constantly over the past 40 years and has been converging with international practice.China now needs to address emerging VAT issues through legislation,tax incentives,and tax-rate grades so as to meet challenges in VAT collection and management and to suit the“new normal”of economic development.展开更多
文摘The"replacement of business tax by VAT reform"(hereby refer to as"VAT reform"for short)is a newly promulgated and implemented tax policy,and its impact on various industries in China is very different,and the highway project industry is no exception.The implementation of the"VAT reform"will not only have a positive impact on the cost of highway projects,but will also have some negative impacts.For this reason,highway project construction corporates must actively respond.The author explores and analyzes the positive and negative effects of the"VAT reform"on the cost of highway projects,and proposes a reform strategy for highway project cost work under the background of the"VAT reform",in hope of helping with bringing out the intrinsic value of highway project cost management work.
文摘It has become a global problem to levy the standard value-added tax(VAT)on financial services.Due to the infeasibility of credit input VATs by invoice,it is infeasible to build a standard VAT system in this field.If the government has to levy VAT on financial services,a practical choice is to adopt an account book method,which is to levy the special tax base through the account book using a single-rate.Meanwhile,it is not allowed to credit input VATs in this method.This kind of VAT is in effect a business tax.Due to the government’s authorized monopoly,there is no so-called over-taxation in China’s financial sector.As a result,the reform of“Replacing Business Tax with VAT”in finance should proceed without changing the original tax burden.After having conducted abundant research and statistical analyses,as for the VAT rate,9%is advised.The original way of levying taxes on the full amount of value is suggested to supplant with a new means of levying taxes on added value,with a slightly raised tax ratio,to reduce the tax base.
文摘Value-added Tax(VAT),a turnover tax levied on the value appreciated in commodities production,circulation and sale,has been widely practiced by economies worldwide for its neutrality.From the international perspective,European Union VAT and New Zealand VAT stand out as characteristic models of VAT development and reform history.With changing economic development models and the growth of e-commerce businesses,VAT systems have been upgraded to meet taxation challenges brought about by the digital economy.Recently,VAT policies and measures have been introduced particularly to combat the COVID-19 impact.In China,the VAT system has been reformed constantly over the past 40 years and has been converging with international practice.China now needs to address emerging VAT issues through legislation,tax incentives,and tax-rate grades so as to meet challenges in VAT collection and management and to suit the“new normal”of economic development.