Beijing kicks off VAT reform implementation under Pilot Project

 Beginning in January 2012, Shanghai kicked off a pilot project in transport and certain modern service sectors. Following in Shanghai's  footsteps, Beijing has recently taken a step to initiate VAT reform by submitting its application to the MOF and SAT to start a similar pilot project in the transportation industry and certain modern service industries.

The added value of the service industry in Beijing takes up over 75 % of GDP for the area, the highest nationally. It is expected that this step towards implementation of pilot program will promote the optimization of the structure, expand the scale, and improve the quality and prosperity of the service industry. This, in turn, is expected to drive the development of the regional economy such that it has a greater degree of participation in the global economy.

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