China's State Administration of Taxation has issued a release announcing that the Standing Committee of the National People's Congress adopted the new Value Added Tax Law on 25 December 2024. The new Law takes effect on 1 January 2026 and is largely in line with current regulations for the application of VAT in China. However, certain adjustments/clarifications are made. This includes clearer provisions on the place of supply for VAT purposes, including that taxable transactions within the territory of China refer to the following: Where goods are sold, the origin or location of the goods is inside China; Where real...