On November 16, 2011, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued two circulars Caishui [2011] No. 110 (“Circular 110”) and Caishui [2011] No. 111 (“Circular 111”) effective from January 1, 2012.
12/01/2012
The two circulars introduce changes to the prevailing tax treatments and procedures on pilot services in Shanghai. Caishui [2011] No. 133 (“Circular 133”) provides clarification to various issues.
Circular 133 addresses the following key points in relation to the pilot VAT reform: