Comparison of the New Business Tax Interim Regulations under State Council Order No. 540 with the Old under State Council Order No. 136 (1993)
New Business Tax Interim Regulations
Old Business Tax Interim Regulations
Article 4: Taxpayers providing taxable services, transferring intangible assets, or selling real estate shall calculate the payable tax amount according to the turnover and the prescribed tax rate. The formula for calculating the payable tax amount is:
Payable Tax Amount = Turnover × Tax Rate
Turnover shall be calculated in Renminbi (RMB). If taxpayers settle their turnover in currencies other than RMB, it shall be converted into RMB for calculation.
Article 4: Taxpayers providing taxable...