Announcement on Value-added Tax Issues Relevant to the Asset Restructuring of Taxpayers

Where a taxpayer, in the course of asset restructuring, transfers, by way of a merger, division, sale, exchange or otherwise, all or part of its physical assets and the claims and liabilities relating thereto on multiple occasions, and the ultimate transferee and recipient of the manpower are the same entity and individual, relevant provisions of the State Administration of Taxation, Announcement on Value-added Tax Issues Relevant to the Asset Restructuring of Taxpayers (SAT Announcement [2011] No.13) shall continue to apply, and the transfer therein of goods on multiple occasions shall all not be subject to value-added tax. The transferor of the assets shall submit its asset restructuring plan and other such documents and information to the competent tax authority.