Make Solid Preparations to Embrace the “Business Tax to VAT” Reform
Release Date:
2016-05-09
Effective May 1, 2016, the state will fully implement the “business tax to VAT” reform. To ensure a smooth transition for the Group’s production and operations in alignment with this reform, the Group has taken proactive measures, with all departments making solid preparations and actively carrying out all necessary arrangements. First, organizational efforts have been thoroughly put in place. The Group has established “business tax to VAT” leading groups and implementation task forces at both the Group level and the branch company level, and has made detailed plans and deployments for the reform, thereby advancing all preparatory work in an orderly manner. Second, extensive policy briefings and training sessions have been conducted. Following the release of the “business tax to VAT” policy, the Group has organized several sessions on the reform…
Effective May 1, 2016, the state will fully implement the “business tax to VAT” reform. To ensure a smooth transition for the Group’s production and operations in alignment with this reform, the Group has taken proactive measures, with all departments making thorough preparations and diligently carrying out all necessary arrangements.
First, organizational efforts were fully in place. Leadership groups for the “business tax to VAT” reform at both the group and branch levels, as well as implementation task forces, were established to make detailed arrangements and deployments for the reform and to advance all preparatory work in an orderly manner.
Second, we have actively carried out policy briefings and training programs. Following the introduction of the “business tax to VAT” reform policy, the Group has organized multiple training sessions on the reform, ensuring that all relevant personnel stay abreast of policy developments in a timely and accurate manner. At the same time, we have leveraged the Construction Engineering News, the OA platform, QQ, and WeChat to extend knowledge-sharing on the “business tax to VAT” reform to every employee, thereby further promoting in-depth learning and wider dissemination of the reform’s principles and practices.
Third, supporting systems are being formulated. To ensure the Group effectively aligns with the “business tax to VAT” reform and operates in full compliance with laws and regulations, the Group has recently issued—or is about to issue—such documents as the “Operational Guidelines on Several Financial Issues Related to the ‘Business Tax to VAT’ Reform,” the “Accounting Treatment Procedures for Value-Added Tax Accounts,” the “Provisional Measures for the Management of Input VAT Invoices,” the “Measures for the Management of VAT Invoice Issuance,” the “Supplier Management Measures,” the “Management Measures for Specialized Subcontracting and Labor Subcontracting,” as well as various model contract templates. Meanwhile, the project management system is also slated to go live soon.
Fourth, we proactively coordinated with the national tax authorities. Through repeated communication, we have now completed the verification and confirmation of the group company’s national tax data, the application for and issuance of value-added tax invoices, the approval of the maximum invoicing limit, the upgrade of the Golden Tax Disk, and the installation of the authentication system, thereby ensuring the smooth operation of VAT invoice issuance, authentication and credit claiming, and tax filing and payment starting May 1.
Thanks to the group company’s proactive planning and robust implementation measures, the awareness and professional competence of all employees regarding value-added tax have been further enhanced. At the same time, by aligning these efforts with their own business operations, each department has completed a thorough review of its processes and streamlined its workflows, thereby laying a solid foundation for achieving tangible results from the transition from business tax to value-added tax.
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