On December 19, 2025, the State Council passed the Implementing Regulations for the VAT Law (Regulations), which are an essential part of the VAT legal framework and a key safeguard for the effective enforcement of the VAT Law.
Key features of the Regulations
- Maintaining stability: Most existing rules remain unchanged, avoiding additional burdens for businesses. For instance, the scope of taxable items, deduction rules, and export tax refunds remain the same, with some refinements…