VATupdate

China’s New Draft VAT Law – How is it Different from Previous Tax Regulations?

On December 27, 2022, the National People’s Congress (NPC) released the draft version of the Value Added Tax Law of the People’s Republic of China (the “draft VAT Law”). If passed, the VAT Law will consolidate China’s current VAT regulations into one overarching piece of legislation.  

The draft VAT law maintains the majority of China’s existing VAT regulations, with a few changes made to clarify definitions, adjust the scope of taxable and non-taxable items, and the addition of a new VAT refund mechanism, among others. 

Source: china-briefing.com

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