Event Details
The latest draft of the Value Added Tax (VAT) law was submitted to China's Standing Committee of the National People's Congress (NPC) on 27 December 2022 for the first review and then published on 30 December 2022 for public consultation. Similar to an earlier draft circulated for public consultation almost three years ago, the new draft imports most of the current VAT rules aiming to provide a stable policy environment. However, it also introduces certain changes such as the reclassification of domestic VAT-able transactions, removal of threshold requirement when defining VAT payers and deemed sales etc., which may impact businesses, notably the modifications to creditable input VAT. Also added to the new draft are relevant provisions on the electronic VAT invoice. Hence, it is crucial to understand the key modifications of the draft so as to assess the impact on enterprises and cope with the new changes.
In this seminar, VAT expert Sarah Chin, Indirect Tax Partner of Deloitte China will discuss the main points of the latest draft VAT law, electronic VAT, and invoice management to help corporations to enhance the VAT tax management in order to seize more business opportunities.