We won't get to enjoy the VAT savings on Christmas alcohol, cigarettes or petrol and diesel, though, as duty rates are increasing to compensate for the VAT reduction. There will be a half per cent hike in employer and employee National Insurance contributions from April 2011. The government...
In January 2014, Cig Ltd purchased tobacco for RMB60,000 and produced and sold cigarettes for RMB200,000. Cig Ltd’s inventory of tobacco was RMB10,000 on 1 January 2014 and RMB13,000 on 31 January 2014. Cig Ltd pays consumption tax (CT) on all the tobacco it purchases. The CT r...