ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /EconomyEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina ExpoVAT reform to reduce 20% of hotel tax burdenBy Zheng Yangpeng( 14:11Comments Print Mail Large Medium SmallBeijings top hotels estimated that the value-added reform will cut their tax burden by around 20 percent, a rebuff to international hotels claim that they will have to raise their prices to offset the impact of the reform.
Zheng Huaiyuan, deputy director of Beijing Municipal Office of the State Administration of Taxation (SAT), told a news conference on Wednesday that the citys five-star hotels had assessed the overall impact of the VAT reform, and concluded that their tax burden will be reduced by about 20 percent as a result.
He was responding to inquiries that Hyatt, Intercontinental, Marriott, and Hilton have increased their room prices, citing that VAT from May 1 will add to their tax burden. The room service fees was raised from previous 15 percent to 21.9 percent.
In an earlier statement, Ministry of Finance and SAT said that after the VAT reform, the overall tax burden of taxpayers will decrease, and for those hotels with below 5 million annual sales, their burden will be cut by about 40 percent.
This is because the government has designed transitional taxation models for those small businesses who might not be able to cope with the change in a short time: they can opt for a “easy taxation” method: 3 percent VAT on their sales—-thats lower than their original 5 percent business tax.
For those hotels with an annual sale above 5 million, a 6 percent VAT rate is nominally higher than the previous 5 percent. But given the change in calculating taxable base, actual tax rate is 5.66 percent. Considering hotel operators could use their costs, such as procurement and real estate purchase or leasing, as deduction, actual tax burden has been reduced, instead of raised, Zheng said.SATs Beijing bureau estimated that after the reform expanded to real estate, construction, finance and consumer services sectors, 42 billion yuan tax will be saved for enterprises each year. Beijing municipality will bear 15.4 billion yuan losses in tax.0Related StoriesVAT reform small impact on demand of propertiesLi: Central govt to decide local share of new taxLocal governments to be hit by adjustment to VATGovt expands VAT program to all industriesChina expands VAT pilot program to all industriesPhotoTop 6 domestic new-energy vehicles at Beijing auto showHanover Fair opens with Sino-German alliance launchFive Chinese companies with exclusive broadcasting rights to sports eventHighlights at Beijing auto showConcept cars shine at Auto China 2016Top quotes of business tycoons at China Green Companies SummitChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerUK-born businessman heads revolution in Chinas canteens Chinese rank among worlds wealthiest 62Most ViewedTodays Top NewsChinas debt unlikely to trigger shocks, says MoodysShenzhen second-hand home sales tumbleMan aims to provide freshest ice cream possibleApples nine-year iPhone juggernaut stops with first sales declineHuawei seeks to expand retailing in KenyaIn Chinas largest trade fair, tech innovation brightens prospectsCity of London considers yuan internationalization now more than ever beforeStrong infrastructure investment to underpin stable growthHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 10 shipping companies worldwide Discovering Hebei Top 10 cities with highest average salaries Top 10 best selling SUVs in China SpecialsWorld Robot Conference 2015Made in China – fight against counterfeit goods2015 Beijing Forum for Emerging Markets…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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