China's Ministry of Finance (MOF) and the State of Administration of Taxation (SAT) jointly issued a circular Caishui No. 84, "Provisional Measures for the VAT Calculations and Reporting of Pilot Taxpayers with HQ and branches under the Pilot Program" in December last year. In a note published by Lehman Brown this week, the accountancy firm offers advice on what it means. This note, reviewed in The Corporate Treasurer, covers:

• who it applies to
• consolidated VAT calculation and payment
• treatment of traditional VAT activities, and
• impact to VAT.

Read more in the full article here.