- China enacted a comprehensive VAT law on December 25, 2024
- The law will take effect on January 1, 2026
- Aims to modernize and unify the VAT system in China
- Clarifies taxable transactions, updates exemptions, and provides guidelines for nonresident enterprises
- Maintains existing rate structure
- Includes six chapters and 38 articles
- Defines taxable transactions and multiple tax rates
- Lists non-deductible input VAT items
- Establishes mechanisms for sharing VAT-related information among governmental authorities
Source: fiscal-requirements.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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