Core Viewpoint - The implementation of the new Value-Added Tax (VAT) Law in China, effective January 1, 2026, is supported by the draft implementation regulations released by the Ministry of Finance and the State Taxation Administration, which aim to ensure a smooth transition and stability in tax policy [1][2]. Group 1: Implementation Details - The draft implementation regulations consist of 57 articles across six chapters, detailing aspects such as tax rates, taxable amounts, tax incentives, and collection management, thereby clarifying and refining the provisions of the VAT Law [1]. - The regulations enhance the certainty and operability of the tax system by providing specific definitions and rules regarding taxable transactions, including goods, services, intangible assets, and real estate [1][3]. Group 2: Policy Stability - The draft maintains the basic stability of existing tax policies, particularly regarding the financial sector, which has been under VAT since the "business tax to VAT" reform in 2016, ensuring that loan interest income remains non-deductible for input VAT [2]. - The draft also addresses the complexities of cross-border sales of services and intangible assets, aligning with international practices while considering China's specific circumstances [2]. Group 3: Tax Principles Optimization - The draft optimizes tax policies in line with the fundamental principles of VAT, such as the non-deductibility of input VAT for non-taxable transactions, which aligns with international practices [3]. - For long-term assets exceeding 5 million yuan, the draft allows full input VAT deduction upon purchase, with subsequent adjustments based on mixed-use applications, balancing policy transition and VAT principles [3].

Group 1 - Trump stated that gold will not be subject to additional tariffs, impacting the gold market significantly [2][11] - The Federal Reserve is considering Bowman, Jefferson, and Logan as candidates for the next chair, with an announcement expected this fall [11] - The meeting between Trump and Putin is described as exploratory, with potential future discussions involving Ukrainian President Zelensky [11] Group 2 - The U.S. dollar index rose slightly by 0.23%, closing at 98.46, while U.S. Treasury yields saw a minor increase [2][6] - WTI crude oil prices ended up 0.96% at $63.28 per barrel, breaking a seven-day losing streak [3][6] - Major U.S. stock indices experienced declines, with the Dow Jones down 0.45%, S&P 500 down 0.25%, and Nasdaq down 0.3% [3][6] Group 3 - European stock indices showed mixed results, with Germany's DAX30 down 0.34% and the UK's FTSE 100 up 0.37% [4][6] - Hong Kong's Hang Seng Index rose by 0.19%, while the Hang Seng Tech Index saw a slight decline [4][6] - In the A-share market, the Shanghai Composite Index increased by 0.34%, reaching a new yearly high [5][6]

Core Viewpoint - The implementation of the new Value-Added Tax (VAT) Law in China, effective from January 1, 2026, is supported by the draft implementation regulations released by the Ministry of Finance and the State Taxation Administration, which aim to ensure a smooth transition and stability in tax policy [1][2]. Group 1: Implementation Regulations - The draft implementation regulations consist of 6 chapters and 57 articles, detailing the VAT Law's provisions and enhancing the legal framework for VAT in China [1]. - The regulations clarify definitions related to taxable transactions, including goods, services, intangible assets, and real estate, thereby defining the scope of VAT [1]. - Specific rules regarding tax rates for exported goods and cross-border sales of services and intangible assets are outlined, along with detailed explanations for various tax rate applications [1][2]. Group 2: Policy Stability - The draft maintains the basic stability of existing tax policies, particularly regarding the financial sector, which has been under VAT since the "business tax to VAT" reform in 2016 [2]. - The regulations continue the current policy on the deductibility of input tax related to loan interest, ensuring policy consistency and certainty [2]. Group 3: Optimization of Tax Policies - The draft optimizes tax policies in line with the fundamental principles of VAT, stating that input tax related to non-taxable transactions cannot be deducted from output tax [3]. - For long-term assets exceeding 5 million yuan, full input tax can be deducted at the time of purchase, with subsequent adjustments based on mixed-use applications [3]. - The implementation of the VAT Law is expected to support the construction of a modern VAT system that aligns with the goals of high-quality economic development and the establishment of a unified national market [3].

增值税是我国第一大税种，《中华人民共和国增值税法》将于2026年1月1日起施行。为保障增值税法顺 利实施，8月11日，财政部、税务总局发布《中华人民共和国增值税法实施条例（征求意见稿）》，向 社会公开征求意见。 "征求意见稿对增值税法第四条第四项所称'服务、无形资产在境内消费'作了细化解释。"中山大学法学 院教授杨小强说，"服务、无形资产在境内消费"，一直是国际增值税的立法难题，但目前缺乏国际增值 税条约等予以有效协调。征求意见稿对不同国家的跨境销售服务、无形资产的消费地判断规则进行了学 习研究，有吸收、创新与协调，既与国际接轨，也符合我国实际。 同时，征求意见稿优化相关税收政策，体现增值税基本原理。梁季介绍，征求意见稿第二十二条明确规 定，"纳税人购进货物、服务、无形资产、不动产用于增值税法第六条以外的非应税交易的，对应的进 项税额不得从销项税额中抵扣"。这既符合增值税征抵一致的基本原理，也符合国际实践惯例。 也正是基于征抵原则一致考虑，征求意见稿对不动产等长期资产进项税抵扣政策进行了优化，即对于混 合使用（既用于一般计税项目，又用于免税、简易计税项目等）的原值超过500万元的长期资产的进项 税在购进时全额 ...

记者11日从财政部了解到：为保障《中华人民共和国增值税法》顺利实施，财政部会同税务总局研究起 草了《中华人民共和国增值税法实施条例（征求意见稿）》，当日起向社会公开征求意见。 增值税是我国第一大税种。去年底召开的十四届全国人大常委会第十三次会议表决通过了增值税法，自 2026年1月1日起施行。 "增值税法实施条例是增值税法的基础性配套行政法规，与增值税法以及增值税规范性政策文件一起构 成了我国增值税的法律法规体系，是增值税法落地实施的重要保障。"中国财政科学研究院公共收入研 究中心主任梁季说。 "增值税法实施条例对增值税法第四条第四项所称'服务、无形资产在境内消费'作了细化解释。"杨小强 说，"服务、无形资产在境内消费"，一直是国际增值税的立法难题，但目前缺乏国际增值税条约等予以 有效协调。征求意见稿对不同国家的跨境销售服务、无形资产的消费地判断规则进行了学习研究，有吸 收、创新与协调，既与国际接轨，也符合我国实际。 （据新华社北京8月11日电） 《 人民日报 》（ 2025年08月12日 08 版） (责编：牛镛、岳弘彬) 关注公众号：人民网财经 《中华人民共和国增值税法实施条例（征求意见稿）》包括总则、税 ...

Core Viewpoint - The Ministry of Finance has released a draft of the Implementation Regulations for the Value-Added Tax Law to ensure its smooth implementation, highlighting the importance of VAT as the largest tax type in China, projected to generate approximately 6.57 trillion yuan in 2024, accounting for 38% of total tax revenue [1] Group 1: Necessity of the Regulations - The VAT is the largest tax type in China, with significant implications for taxpayers and the economy [1] - The regulations aim to clarify and detail the provisions of the VAT Law, enhancing the certainty and operability of the tax system [1] Group 2: Main Contents of the Regulations - The regulations include six chapters and fifty-seven articles, covering general principles, tax rates, taxable amounts, tax incentives, tax collection management, and supplementary provisions [1] - Definitions of taxable transactions involving goods, services, intangible assets, and real estate are specified [2] - Clarifications on the definitions of taxpayers, including units, individuals, general taxpayers, and small-scale taxpayers, are provided [2] Group 3: Tax Rates and Taxable Amounts - The regulations specify the scope of zero tax rates for exported goods and cross-border sales of services and intangible assets [2] - Detailed rules for deducting input tax amounts, including the scope of non-deductible input tax, are outlined [2] Group 4: Tax Incentives - The regulations clarify the specific standards for VAT exemption projects and the applicable scope, standards, conditions, and tax collection measures for tax incentives [3] - Provisions are made against illegal enjoyment of VAT incentives through false documentation or failure to account for VAT separately [3]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have released a draft for public consultation regarding the implementation regulations of the Value-Added Tax (VAT) Law, aiming to ensure its smooth implementation and enhance the tax system's stability and clarity [1][3]. Group 1: Draft Content Overview - The draft consists of six chapters and fifty-seven articles, covering general principles, tax rates, taxable amounts, tax incentives, collection management, and supplementary provisions, aligning with the VAT Law and current VAT system [1]. - The draft clarifies the scope of zero tax rate applicable to exported goods, cross-border sales services, and intangible assets, as well as the rules for transactions involving multiple tax rates [2]. Group 2: Tax Incentives and Compliance - The draft specifies the criteria for VAT exemption projects and outlines the scope, standards, conditions, and tax collection measures for tax incentives, which must be publicly disclosed [2]. - It addresses compliance issues related to taxpayers who fail to separately account for VAT incentive projects or engage in fraudulent activities to obtain VAT benefits [2]. Group 3: Economic Implications - A stable tax system is crucial for enhancing investor confidence and stabilizing investment expectations, which is essential for attracting investment and achieving sustainable operations [3]. - The timely release of the draft is expected to create a better business environment, enhance operational confidence among businesses, and promote high-quality economic development in China [3].

Core Points - The Ministry of Finance and the State Taxation Administration have drafted the "Implementation Regulations of the Value-Added Tax Law" to ensure the smooth implementation of the Value-Added Tax Law, which will take effect on January 1, 2026 [1] - The implementation regulations consist of six chapters and fifty-seven articles, further clarifying and detailing the provisions of the Value-Added Tax Law, enhancing the certainty and operability of the tax system [1][2] - The draft adheres to the principle of tax legality and reflects the concept of high-quality development, providing detailed standards for tax incentives in agriculture, education, healthcare, and elderly care [2] Summary by Sections - **Implementation Regulations Overview** - The draft includes general principles, tax rates, taxable amounts, tax incentives, collection management, and supplementary provisions [1] - It aims to form a coordinated value-added tax system that aligns with the Value-Added Tax Law and related normative policy documents [1] - **International Context and Best Practices** - The draft follows international legislative models for value-added tax, similar to those in countries like the UK, Australia, and Switzerland [2] - It addresses the legislative challenges of defining "services and intangible assets consumed domestically," which is a common issue in international value-added tax legislation [3] - **Tax Incentives and Compliance** - The draft specifies the scope, standards, conditions, and tax collection measures for tax incentives, promoting high-quality economic and social development while protecting taxpayers' rights [2] - It optimizes rules for input tax deductions related to non-taxable transactions and long-term assets, aligning with international practices [2]

中新社北京8月11日电(记者赵建华)《中华人民共和国增值税法》(下称增值税法)将于2026年1月1日起施 行。为保障增值税法顺利实施，中国财政部会同国家税务总局研究起草了《中华人民共和国增值税法实 施条例(征求意见稿)》(下称条例)。11日起，条例开始向社会公开征求意见。 增值税是中国第一大税种，2024年增值税收入约6.57万亿元人民币，占全部税收收入38%。增值税覆盖 国民经济所有行业和全链条，涉及面广、影响大，关系纳税人切身利益。增值税法对增值税纳税人、征 税范围、税率、应纳税额、税收优惠、征收管理等作出规定，并对国务院给予必要的立法授权。通过制 定条例，对增值税法有关规定进一步细化、明确，对授权国务院规定的事项作出具体规定，有利于增强 税制的确定性和可操作性。 财政部、国家税务总局介绍，条例遵循增值税法的规定，与现行增值税制度相衔接，并结合实际情况和 征管需要明确具体规定，包括总则、税率、应纳税额、税收优惠、征收管理、附则等六章五十七条内 容。 其中，包括：条例对增值税法规定的纳税人、征税范围等税制要素进行细化和明确；对增值税法规定的 出口货物、跨境销售服务和无形资产有关范围进行明确，对涉及多个税率、 ...

Core Viewpoint - The implementation of the "Regulations on the Implementation of the Value-Added Tax Law of the People's Republic of China" is expected to enhance tax certainty and improve the business environment, thereby boosting investor confidence and promoting high-quality economic development [4][11]. Group 1: Overview of the New Regulations - The "Implementation Regulations" will be open for public consultation and are set to take effect on January 1, 2026, following the Value-Added Tax Law [1][3]. - The value-added tax (VAT) is the largest tax category in China, with an estimated revenue of approximately 6.57 trillion yuan in 2024, accounting for 38% of total tax revenue [1][3]. Group 2: Impact on Taxpayers and Tax Authorities - The new regulations will clarify key tax elements such as taxpayers and taxable scope, which will help both taxpayers and tax authorities in their operations [3][5]. - The regulations aim to provide legal clarity for taxpayers, ensuring they have a clear understanding of their rights and obligations, while also enabling tax authorities to enforce laws more effectively [3][4]. Group 3: Stability and Investor Confidence - A stable tax framework is crucial for enhancing investor confidence and stabilizing investment expectations, which is essential for attracting investment and ensuring sustainable business operations [4][11]. - The regulations are designed to maintain the stability of the VAT system and improve its operability, which is expected to foster a better business environment and restore economic vitality [4][11]. Group 4: Clarification of Tax Elements - The regulations will provide detailed definitions for taxable transactions involving goods, services, intangible assets, and real estate, which will help clarify the tax obligations for different types of taxpayers [7][8]. - By clearly defining taxable objects and ensuring similar transactions bear the same tax burden, the regulations aim to promote tax fairness and reduce disputes between taxpayers and tax authorities [7][8]. Group 5: Efficiency and Adaptability - The regulations will allow for flexibility in adapting to economic developments and new business models, which is essential for maintaining effective tax administration [8][10]. - The shift to a registration system for general taxpayers, rather than an approval system, is expected to reduce compliance costs and improve administrative efficiency [8][10]. Group 6: Addressing New Business Models - The regulations will address challenges related to new business models and cross-border transactions, providing clearer guidelines for tax rates and applicable rules [10][11]. - There is a call for further optimization of the regulations to better address the complexities of the digital economy and emerging business models [9][11].