In order to help China’s trust companies to be better adapted to the unified value-added tax regime, China Trustee Association held a seminar in Beijing at 22nd April, 2016, trying to give them some insights on how to embrace the tax conversion and guide them to be prepared for the replacement of business tax with value-added tax. More than 150 people participated in the seminar. Experts from tax agents, law firms and trust companies were invited to give lectures and interacted with attendees.

Mr. Wang Dongsheng, an expert from a tax agent, interpreted with the theme of “Rules, Influences and Approaches”. He reviewed China’s tax system reforms in history, analyzed those reforms’ purposes and difficulties during implementations and explained the influences the VAT requirement may bring to China’s trust industry.

Mr. Ye Yongqing, an expert from a law firm, interpreted with the theme of “Transactional Structure and Tax Arrangement”. He pointed out that trust companies should be prepared for changes, especially in aspects of their taxpayer status and accompanying obligations, and their obliged VAT payments generated during financing transactions.

Other experts discussed with attendees on topics such as the qualified taxpayers, tax collection scope, input VAT and appropriate time for tax payment, etc. Suggestions were raised in aspects including the establishment of supporting tax institutions, joint efforts to step up reasonable tax policies, etc.