The Ministry of Finance and the State Administration of Taxation are seeking opinions on the draft Implementation Regulations of the Value-Added Tax Law of the People's Republic of China.

According to the Securities Times APP, on August 11, the Ministry of Finance and the State Administration of Taxation publicly solicited opinions on the "Regulations on the Implementation of the Value-Added Tax Law of the People's Republic of China (Draft for Soliciting Opinions)." This aims to further clarify and specify the tax system elements of taxpayers, tax jurisdiction, and other aspects specified in the Value-Added Tax Law. Firstly, it clarifies the definition scope of goods, services, intangible assets, and real estate in taxable transactions (Article 2). Secondly, it explains the classification of entities and individuals, general taxpayers and small-scale taxpayers among taxpayers (Articles 3, 6, and 7). Thirdly, it clarifies the situation of services and intangible assets consumed domestically (Article 4). Fourthly, it specifies that value-added tax special invoices should separately indicate the sales amount and the amount of value-added tax (Article 5).