In recent years, an increasing number of large infrastructure, resource and energy enterprises have adopted the EPC (engineering, procurement and construction) model in building their projects.
Wang Jihong
Under the EPC model, the issue of how to leverage the advantages of this model to the greatest extent while controlling costs as much as possible has consistently vexed owners. The implementation of the value-added tax (VAT) deduction policy has also caused large enterprises to begin to pay attention to how they can lawfully enhance their profit margins through the use of VAT deductions under the EPC construction model.
The applicable VAT rate for general payers is 17%. Accordingly, for large infrastructure, resource and energy enterprises whose projects call for huge investments, the deduction of VAT can bring significant benefits.
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Wang Jihong is deputy director of the Environment, Resource and Energy Law Committee, All China Lawyers Association；Fang Xing also contributed to this article
Environment, Resource and Energy Law Committee
All China Lawyers Association
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