On 27 November 2019, China released its Value-added Tax Law of People's Republic of China (consultation draft) (Draft VAT Law) for the legislation process of the VAT regime. The public comment period for the Draft VAT Law will be open until 26 December 2019.
The Draft VAT Law generally provides an underpinning for the current VAT Interim Regulations while incorporating the VAT reform commenced in 2012. Based on experience with other taxes, it is likely that the VAT Law may be promulgated and submitted for approval by the National People's Congress in 2020.
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