- The Ministry of Finance and the State Administration of Taxation released a draft of the VAT Law Implementation Regulations for public consultation.
- Feedback on the draft is open until September 10.
- The draft aligns with the VAT Law and current VAT system, addressing practical and administrative needs.
- It includes six chapters and fifty-seven articles covering general provisions, tax rates, taxable amounts, tax incentives, tax administration, and supplementary provisions.
- Tax incentives are clarified with specific standards for VAT exemptions.
- The scope, standards, conditions, and administrative measures for tax incentives must be publicly disclosed.
- Regulations are set for cases where taxpayers do not separately account for VAT incentives or use false materials to unlawfully benefit from VAT incentives.
Source: lexiscn.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.
