Telco's Included in China's BT to VAT Transition Program

China's telecom sector will be included in the business tax (BT) to value added tax (VAT) transition program according to Caishui 014] 43, which was jointly issued by the Ministry of Finance and the State Administration of Taxation on April 29th, 2014. Under the program, businesses are switching from a BT system to a VAT system, with the telecom sector being one of the last to make the change. The switch from BT to VAT for Telco's was supposed to be implemented April 1st, 2014, but will now be …