增值税法即将施行，实施条例有望尽快出台

Core Viewpoint - The implementation of the Value-Added Tax (VAT) Law in China is set for January 1, 2026, with the accompanying implementation regulations expected to be published in December 2023, which has garnered market attention [1][2]. Group 1: VAT Law Implementation - The VAT Law will maintain the overall framework and tax burden levels of the current VAT system, with some adjustments, such as the removal of tax exemptions for contraceptive products starting next year [2]. - The VAT Law consists of six chapters covering general principles, tax rates, taxable amounts, tax incentives, collection management, and appendices [2]. - The implementation regulations will further clarify and detail the provisions of the VAT Law, enhancing the certainty and operability of the tax system [2]. Group 2: Market Impact and Revenue - The VAT is the largest tax category in China, with projected revenues of approximately 6.57 trillion yuan in 2024, accounting for 38% of total tax revenue [1]. - The VAT covers all sectors of the national economy and has a broad impact, affecting a wide range of taxpayers [1].