Tax & Accounting Blog

Transitioning to GST Involves Unparalleled Work and Big Challenges

Transitioning to GST Involves Unparalleled Work and Big Challenges

GST or VAT is prevalent in world over in almost 150 countries where no distinction is made between goods and services for levying tax. GST is a multi-layer tax where the consumer of the good or services bears the ultimate burden of the entire tax. In India, the current indirect taxes structure is complex and … Read More

Does Ritz-Carlton Deserve the Fine for Uplifting Price after China VAT Reform?

Does Ritz-Carlton Deserve the Fine for Uplifting Price after China VAT Reform?

In late July, Ritz-Carlton and Crown Plaza hotels in Beijing, together with other four companies in the real estate and hospitality (hotel, catering) sectors, were fined by China for using VAT reform to justify price uplift. Based on complaints received by price watchers, the National Development and Reform Commission (NDRC) led an investigation … Read More

China: 1 year transition for e-commerce

China: 1 year transition for e-commerce

By Yanchen Zhou On 24 May 2016 , subject to State Council’s approval, China’s General Administration of Customs (GAC) announced the new administration rules (Shubanfa [2016] No.29) in the transitional period for cross-border e-commerce retail import. Suppliers of goods to Chinese consumers had been worried about how the new regulations could impact their bottom line … Read More