China Issues Regulation to Implement VAT Law
The regulation is intended to ensure smooth execution of the law by laying out detailed guidelines for its application. It outlines the range of taxable goods, services, intangible assets, and immovable property, while also refining the classification of taxpayer groups.
Furthermore, the regulation clarifies how VAT rates should be applied, including provisions for zero-rating certain exports and cross-border transactions involving services and intangible assets.
Additional measures include improved methods for calculating VAT liabilities, clearer standards for tax incentives, and stronger administrative procedures to enhance VAT management.
The VAT law itself was passed during a session of the Standing Committee of the National People’s Congress, China’s national legislature, in December of the previous year.
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