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.
