According to a Chinese government release, China's State Council has approved the formal repeal of the regulations and related notices on the business tax regime, which has been replaced by the value added tax (VAT) regime. The transition from business tax to VAT began in 2012 as a pilot program, with most sectors transitioning to VAT in 2014 and the remaining sectors making the change from 1 May 2016. The business tax regulations effectively ceased to apply from that date, but their formal …