- The Chinese Ministry of Finance opened a consultation on draft VAT regulations on August 11
- The draft aims to clarify the VAT Law
- It addresses the scope of taxation for goods and services and identifies in-scope taxpayers
- Sales and VAT amounts must be separately stated on special VAT invoices
- It outlines tax rates and taxability for exported goods, cross-border services, and intangible assets
- Provides rules for crediting input tax and specifies non-deductible transactions
- Covers incidental expenses, determined sales amounts, and abnormal loss items
- Details exemption standards, tax incentive conditions, consolidated filings, and the start time for the general taxation method
- Comments are due by September 10
Source: news.bloombergtax.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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