VATupdate

China Offers Tax Incentives and Reforms to Encourage Investment

Domestic Tax Framework

With respect to China’s domestic tax legal framework, following the principle of law-based taxation, China enacted the Urban Maintenance and Construction Tax Law and the Stamp Duty Law, in 2020 and 2021 respectively, to replace the corresponding regulations issued by the PRC State Council. It is expected that the PRC VAT Law may be formally published in 2023.

Source: bloombergtax.com

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