Whats the difference between VAT and Consolidated Industrial and Commercial Tax?
Consolidated Industrial and Commercial Tax is an old tax system with too narrow tax items and duplicate taxation. It is disadvantageous to fair competition between domestic enterp5rises and Foreign Invested Enterprises with two different tax systems. The VAT now practiced imposes tax on basis of added value, which overcomes the shortcoming of Consolidated Industrial and Commercial Tax, standardizes the tax system and equalizes the tax burden. Q12: What’s the provision about the legal person of a foreign invested enterprise? Chairman of the Board is the legal representative of the enterprise. Q13: Can a foreign investor remit abroad is share of profit from the foreign invested enterprise? Yes, he can. Q14: Shall a foreign investor be levied on his share of profit form the foreign invested enterprise? He’s exempt form the income tax because his share of profit from the foreign invested enterpusie belongs to the profit after taxation. Back to top Q15: How does a foreign management staff i
