China Telecom (601728.SH): Adjustment to VAT Scope for Telecom Services to Impact Company's Revenue and Profit

Stock News02-01 17:08

China Telecom (601728.SH) has announced that, recently, the Ministry of Finance and the State Taxation Administration of the People's Republic of China issued the "Announcement on Matters Concerning the Specific Scope of Value-Added Tax Levying" (Announcement No. 9 of 2026). This regulation stipulates that effective January 1, 2026, within mainland China, business activities utilizing fixed networks, mobile networks, satellites, and the internet to provide mobile data services, SMS and MMS services, and internet broadband access services will have their applicable tax category changed from value-added telecom services to basic telecom services. The corresponding VAT rate will be adjusted from 6% to 9%. This adjustment to the scope of the VAT categories will have an impact on the company's revenue and profit. The company will fully implement its strategy of cloud transformation, digitalization, and intelligent benefits, accelerate the development of a technology-oriented enterprise, and comprehensively advance its "AI+" initiative. It will continue to build an integrated intelligent cloud service combining "computing power + platform + data + model + application," expedite the cultivation of new growth drivers, promote quality improvement, cost reduction, and efficiency enhancement, and persistently drive the company's high-quality development.

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This regulation stipulates that effective January 1, 2026, within mainland China, business activities utilizing fixed networks, mobile networks, satellites, and the internet to provide mobile data services, SMS and MMS services, and internet broadband access services will have their applicable tax category changed from value-added telecom services to basic telecom services. The corresponding VAT rate will be adjusted from 6% to 9%. This adjustment to the scope of the VAT categories will have an impact on the company's revenue and profit. The company will fully implement its strategy of cloud transformation, digitalization, and intelligent benefits, accelerate the development of a technology-oriented enterprise, and comprehensively advance its \"AI+\" initiative. 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