Tax cuts on the way as steps taken at meeting
China will implement a group of measures to cut value-added tax rates, ensuring that the tax burden on all industries will only go down, according to a decision made by the State Council’s executive meeting presided over by Premier Li Keqiang on Wednesday.
The Government Work Report this year set out a plan for larger tax cuts, including lowering the VAT rate in manufacturing and other industries from 16 to 13 percent and the VAT rate in transportation, construction and other industries from 10 to 9 percent.
A number of concrete measures were decided upon at the Wednesday meeting to achieve the targets, which will be enacted on April 1.
Post time: Apr-01-2019