China's Ministry of Finance has published a draft Value Added Tax (VAT) Law for consultation that is meant to consolidate and improve the country's current VAT system rules and regulations. Some of the key points of the VAT Law include:
- Companies and individuals making taxable supplies in China that meet the VAT threshold (CNY 300,000 quarterly sales) and consignees of imported goods are considered VAT payers, while those below the threshold may voluntarily choose to pay VAT;
- Where foreign …