{"id":244494,"date":"2025-12-21T15:56:10","date_gmt":"2025-12-21T15:56:10","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/244494\/"},"modified":"2025-12-21T15:56:10","modified_gmt":"2025-12-21T15:56:10","slug":"chinas-cabinet-clears-path-for-vat-law-to-take-effect-next-month","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/244494\/","title":{"rendered":"China\u2019s cabinet clears path for VAT law to take effect next month"},"content":{"rendered":"<p>The State Council has approved draft regulations for implementing China\u2019s new <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3321590\/china-urged-overhaul-its-tax-system-boost-consumption?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">value-added tax (VAT) law<\/a>, which is aimed at governing the country\u2019s largest source of tax revenue and set to come into effect early next year.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The regulations, released for public consultation in August and approved on Friday, give detailed rules for enforcing the VAT law. Approval by the cabinet signals the regulations are moving closer to finalisation ahead of the law\u2019s expected implementation.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The VAT law was passed late last year and is set to come into effect on January 1. It introduces technical changes to the tax code that bring China in line with international practices.<\/p>\n<p>\u201c[We should] ensure the smooth implementation of the VAT law &#8230; effectively safeguard taxpayers\u2019 rights and interests, and foster a fair business competition environment,\u201d the State Council said at a meeting on Friday chaired by Premier <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/li-qiang?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">Li Qiang<\/a>, according to state news agency Xinhua.<br \/>\n<img decoding=\"async\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1o401188 css-1w1l3op e445x7d0\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/12\/1766332570_874_maxresdefault.jpg\"\/><\/p>\n<p data-qa=\"SCMPYoutubeVideoPreview-PreviewDuration\" class=\"css-1vqvq42 e1o401181\">11:30<\/p>\n<p data-qa=\"SCMPYoutubeVideoPreview-PreviewTitle\" class=\"css-zasw6y e1o401182\">End of an era: why China no longer seeks WTO privileges as a developing country<\/p>\n<p>End of an era: why China no longer seeks WTO privileges as a developing country<\/p>\n<p>The draft regulations clarify what counts as \u201c<a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/china-consumption?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">consumption<\/a> within China\u201d, bringing certain overseas transactions linked to goods, property or natural resources in China into the VAT net, according to an analysis released by accounting firm PwC in August.<\/p>\n","protected":false},"excerpt":{"rendered":"The State Council has approved draft regulations for implementing China\u2019s new value-added tax (VAT) law, which is aimed&hellip;\n","protected":false},"author":2,"featured_media":244495,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[5734,1793,79,117689,381,128244,13947,8886,128241,25663,10856,179,18,84924,19,17,8735,8887,64286,2356,8884,128245,128243,128240,24727,128242],"class_list":{"0":"post-244494","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-august","9":"tag-beijing","10":"tag-business","11":"tag-central-economic-work-conference","12":"tag-china","13":"tag-chinas-economic-momentum","14":"tag-communist-party","15":"tag-consumption","16":"tag-consumption-tax","17":"tag-domestic-demand","18":"tag-economic-policy","19":"tag-economy","20":"tag-eire","21":"tag-fiscal-policy","22":"tag-ie","23":"tag-ireland","24":"tag-january","25":"tag-li-qiang","26":"tag-ministry-of-finance","27":"tag-pwc","28":"tag-state-council","29":"tag-tax-policy","30":"tag-tax-revenue","31":"tag-value-added-tax","32":"tag-vat","33":"tag-vat-law"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115758379093976947","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/244494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=244494"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/244494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/244495"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=244494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=244494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=244494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}