The Chinese Tax Bureau has set a new policy aiming to replace business tax with value-added tax on invoices issued in 4 areas (construction, real estate industry, the financial sector, and consumer services). In order to comply with the new regulations please note the following schedule:
Before 30th Apr. Companies must register, verify and apply for invoices to the local office of the Chinese Tax Bureau
From 1st May, Companies can issue service invoices carrying VAT by itself .
From 1st May, VAT tax should be paid to the tax office where a real estate is located if the Company wants to sell or rent out acquired real estate.
From 15th May 2016, Companies need to submit tax application of business tax for the period prior to Apr. 2016, including quarterly tax-payments of business tax.
Before 15th Jul. 2016, VAT tax levied in May and Jun should be paid to the local office of the Chinese tax Bureau.