- Sets new VAT thresholds for small-scale taxpayers from Jan. 1, 2026, to Dec. 31, 2027.
- Lists VAT-exempt items effective Jan. 1 and additional exemptions for 2026-2027.
- Allows general taxpayers to use a simplified VAT calculation method (3% or 5%) for certain transactions during 2026-2027.
- Permits deduction of various costs for specified transactions from 2026-2027.
- Replaces all previous domestic preferential VAT policies as of Jan. 1, 2026.
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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