The heads of the Ministry of Justice, the Ministry of Finance, and the State Administration of Taxation answered questions from reporters on the “Implementation Regulations of the Value-added Tax Law of the People's Republic of China”. Regarding the scope of value-added tax taxation, the Regulations make detailed provisions on “goods,” “services,” “intangible assets,” and “real estate” referred to in section 3 of the Value-added Tax Law: first, goods include tangible movable property, electricity, heat, gas, etc.; second, services include transportation services, postal services, telecommunications services, construction services, financial services, and production and life services such as information technology services, cultural and sports services, and certification consulting services; third, intangible assets refer to assets that have no physical form but can bring economic benefits, including technology, trademarks, copyrights, etc. Reputation, natural resource use rights, and other intangible Assets; 4. Real estate refers to assets that cannot be moved or that cause changes in nature or shape after being moved, including buildings, structures, etc. The Ministry of Finance and the State Administration of Taxation will issue supporting documents to further propose the specific scope of goods, services, intangible assets, and real estate, which will be announced and implemented after approval by the State Council. Regarding regulating preferential value-added tax policies, the Regulations mainly stipulate the following three aspects: first, to clarify the specific criteria for agricultural producers, agricultural products, medical institutions, etc. exempt from value-added tax in the value-added tax law; second, to stipulate that the scope of application, standards, conditions, etc. of preferential value-added tax policies should be promptly disclosed to the public in accordance with the law; and third, to promptly report to the State Council for adjustment and improvement of preferential policies that no longer meet the needs of national economic and social development.

The heads of the Ministry of Justice, the Ministry of Finance, and the State Administration of Taxation answered questions from reporters on the “Implementation Regulations of the Value-added Tax Law of the People's Republic of China”. Regarding the scope of value-added tax taxation, the Regulations make detailed provisions on “goods,” “services,” “intangible assets,” and “real estate” referred to in section 3 of the Value-added Tax Law: first, goods include tangible movable property, electricity, heat, gas, etc.; second, services include transportation services, postal services, telecommunications services, construction services, financial services, and production and life services such as information technology services, cultural and sports services, and certification consulting services; third, intangible assets refer to assets that have no physical form but can bring economic benefits, including technology, trademarks, copyrights, etc. Reputation, natural resource use rights, and other intangible Assets; 4. Real estate refers to assets that cannot be moved or that cause changes in nature or shape after being moved, including buildings, structures, etc. The Ministry of Finance and the State Administration of Taxation will issue supporting documents to further propose the specific scope of goods, services, intangible assets, and real estate, which will be announced and implemented after approval by the State Council. Regarding regulating preferential value-added tax policies, the Regulations mainly stipulate the following three aspects: first, to clarify the specific criteria for agricultural producers, agricultural products, medical institutions, etc. exempt from value-added tax in the value-added tax law; second, to stipulate that the scope of application, standards, conditions, etc. of preferential value-added tax policies should be promptly disclosed to the public in accordance with the law; and third, to promptly report to the State Council for adjustment and improvement of preferential policies that no longer meet the needs of national economic and social development.