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Clifford Chance

Clifford Chance


Shanghai VAT Pilot (Chinese)

28 November 2011

Shanghai will pilot a programme to replace the levy of business tax with value-added tax on selected transport and modern services with effect from 1 January 2012. The reform was approved by the State Council in October with subsequent joint release of the implementing rules and guidelines by the Ministry of Finance and the State Administration of Taxation on 17 November 2011. This briefing discusses the reform's impact on the parties most likely to be affected, and more specifically, its impact on the aircraft finance and leasing sectors.

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