China approves first unified VAT law, effective January 2026

The National People’s Congress of China approved the first unified VAT law, set to take effect in 2026, consolidating VAT reforms.
China’s VAT revenue reached 6.12 trillion yuan (~$851.56 billion) in the first 11 months of this year, making up 37.8 per cent of total tax revenue.
Li Xuhong highlighted its role in enhancing tax system stability, expectations, and confidence.Read More