- Value Added Tax Law of China announced on 25 December 2024, effective from January 1, 2026
- VAT has been levied in China since 1994, evolved over time
- Circular 36 ended business tax, replaced by VAT on services, intangible assets, non-moveable property
- VAT Law introduces major changes compared to previous regulations
- Changes in scope of domestic taxable transactions, non-taxable transactions, simplified taxation method
- VAT Law allows adjustment of selling price by tax authorities without justifiable reasons defined
Source: garrigues.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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