China VAT Law enactment advances VAT system to a new era
5 days ago · Tax periods. Under the existing VAT rules, taxpayers are required to file VAT returns based on tax periods of either 1 day, 3 days, 5 days, 10 days, 15 days, or on a monthly or quarterly basis. The specific tax period applicable to the taxpayer usually depends on the type of taxpayer (general or small-scale) and the nature of the taxpayer's ...
China approves law on value-added tax, effective 2026 - CGTN
Dec 26, 2024 · In the first 11 months of 2024, VAT revenue reached around 6.12 trillion yuan ($838 billion), making up about 37.8 percent of the nation's tax revenue. The new law consists of six chapters and 38 articles. Key provisions include the scope of VAT taxation, tax rates, and the determination of tax payable.
China adopts law on value-added tax -Xinhua - 新华网
Dec 25, 2024 · China's VAT revenue reached 6.12 trillion yuan (about 851.56 billion U.S. dollars) in the first 11 months of this year, accounting for about 37.8 percent of the country's total tax revenue. Li said that a quicker pace of tax legislation is significant for optimizing the business environment and promoting the country's high-quality development.
China adopts law on value-added tax; move hailed as major …
Dec 26, 2024 · Chinese lawmakers on Wednesday voted to adopt a law on value-added tax (VAT), a major progress in enforcing the principle of law-based taxation. The law, which was passed at a session of the Standing Committee of the National People's Congress (NPC), the national legislature, will take effect on January 1, 2026, the Xinhua News Agency reported.
EU: New draft of EU VAT reform (VAT in the Digital Age (ViDA))
May 9, 2024 · The European Commission (EC) on 8 May 2024 published an updated draft of the “Value Added Tax (VAT) in the Digital Age (ViDA)” package, which, if adopted, would amend the EU VAT rules in the following three areas: Expand the VAT digital platform rules to platforms facilitating the provision of passenger transport and short-term accommodation
EU details on VAT in the Digital Age (ViDA) package
This Tax Alert provides details on the European Union (EU) Member States' agreement on the "VAT in the Digital Age" (ViDA) package, aimed at modernizing the value-added tax (VAT) system in the European Union (EU).
China adopts law on value-added tax-Xinhua - 新华网
BEIJING, Dec. 25 (Xinhua) -- Chinese lawmakers on Wednesday voted to adopt a law on value-added tax, a major progress in enforcing the principle of law-based taxation. The law, which was passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Jan. 1, 2026. ...
EU has finally reached agreement on VAT in the digital age (ViDA) …
On 5 November 2024, the Economic and Financial Affairs Council (ECOFIN) of the European Union (EU) met to discuss changes to the EU Value Added Tax (VAT) rules as part of the VAT in the digital age (ViDA) initiative.
Phased EU VAT Reform Implementation Plan Unlocks Agreement - Bloomberg Tax
Oct 31, 2024 · Hungary has brokered an agreement between European Union countries on a value-added tax update for the bloc, clearing the way for its formal approval by finance ministers at a Nov. 5 meeting. “After long discussions, a new compromise has been found with staged deadlines,” for implementing the new rules, an EU official told reporters ...
EU Ministers Hail VAT Reform as Major Step in Digital Adaptation
Nov 5, 2024 · European Union finance ministers Tuesday hailed an agreement on a value-added tax reform as a significant step in adapting tax systems to digital technologies.