VATupdate

Draft VAT law

The first draft of the value added tax (VAT) law was released by the National People’s Congress (NPC) on 27 December 2022. The aims of the VAT law are to:

  • Enhance the adoption of OECD International VAT/ goods and services tax (GST) guidelines into the draft law, in particular by adopting the place of consumption approach in determining whether a transaction has a place of supply within China, and by allowing refunds of excess input VAT credits
  • Upgrade the status of the previously bifurcated VAT pilot program rules (applicable to services) and regulations (applicable to goods) to become a single substantive VAT law

Source: KPMG

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