- China’s State Council has approved draft regulations to implement a new value-added tax (VAT) law, effective January 1.
- The law introduces technical changes aligning China’s VAT system with international standards and clarifies what counts as “consumption within China.”
- The regulations detail tax refunds, deductions, and rules for small-scale taxpayers.
- The move is part of broader efforts to support economic growth amid weak demand and fiscal pressures.
- VAT remains China’s largest source of tax revenue, totaling 6.36 trillion yuan in the first 11 months of the year.
Source: scmp.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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