Ｃｈｉｎａ’ｓ ＶＡＴ Ｓｙｓｔｅｍ

　　China's value-added taxes (VAT) con-tribute a large percentage to China's annual tax revenue and account for a significant proportion of tax liabilities for many Chinese enterprises. China started to implement VAT in 1984 on 24 specified taxabIe items and on December