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Chinese GAAP Equivalent to IFRS in EU

The Ministry of Finance announced that from 1 January 2012, the International Financial Reporting Standards (IFRS) adopted by companies listed in European Union markets for consolidated financial statements are equivalent to Chinese Accounting Standards (CAS). EU has adopted two Directives and one Implementing Decision declaring CAS as equivalent to IFRS in April. These regulations are applied retrospectively from 1 January 2012.


Construction Industry Sees Taxation Burden Rise after VAT Reform

Should the business tax rate of 3 percent change to the valued-added tax rate of 11 percent for the industry, the average taxation burden will be lowered by 83% theoretically, while it is more likely to be higher by over 90 percent practically. The findings are based on survey of 66 construction companies conducted by the China Construction Accounting Institute. The Institute believes the situation is caused by the fact that it is difficult for construction companies to obtain enough input VAT invoices to deduct their output VAT.


Property Tax Reform Stalls

The pilot property tax reform in Shanghai and Chongqing has not advanced well as expected, encountering difficulties in taxation scope, taxation standard and other areas. As a result, the Ministry of Finance has suspended the preparation works for the reform in Hunan and Hubei.


State Council Eliminates and Modifies 11 Taxation Approval Items



“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the people can acknowledge the developments quickly. From its launching, thousands of people read it everyweek.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu.


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