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Experts See Rumored VAT Hike for Gaming & Financial Industries Unreliable: Xinhua News Agency
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Regarding rumors that China's financial industry and internet value-added services may face a VAT rate hike (particularly, the gaming industry will face a rise from 6% to 32%), authoritative experts and industry insiders, as cited by Xinhua News Agency, consider them incredible. The report mentioned that the value-added tax law and its implementing regulations have taken effect in China since January 1, 2026. As finance and tax departments have recently issued several announcements regarding VAT policies, experts believe that the VAT rates for related industries have already been clearly defined, and recent announcements haven't adjusted the VAT policies for the gaming and financial industries. In addition, China's VAT law stipulates that the highest VAT rate is only 13%, making the rumored increase from 6% to 32% for the gaming industry unreliable. AAStocks Financial News |
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