- China released a draft of regulations for implementing the new VAT law for public consultation
- Consultation is open until September 10
- VAT is China’s largest tax category, generating significant revenue
- Updated VAT Law was approved in December and will take effect on January 1, 2026
- Regulations include 57 articles in six chapters covering various tax aspects
- General provisions define taxpayers and taxable transactions
- Regulations are crucial for supporting the VAT Law and forming the legal framework
- They clarify taxable and deduction scopes, refine standards, and simplify procedures
- Aim to improve resource allocation and support a unified national market
- A stable tax system is important for investor confidence and attracting investment
Source: yicaiglobal.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.
