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Author: Desmond Yeung, Gong Liang, & Fletch Heinemann
The Chinese Finance Department and State Administration of Taxation issued a joint Circular on 21 March 2006 (Circular Caishui [2006] No. 33), which makes significant amendments to the Consumption Tax (‘CT’). The changes, which become effective 1 April 2006, relate in particular to taxable items, tax rates and policies. These changes are the most significant amendments made to the CT since the tax was introduced in 1994.
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