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China Slashes VAT Rates in US$64 Billion Tax Cut

China Slashes VAT Rates in US$64 Billion Tax Cut

China will cut value-added tax (VAT) rates for businesses in the manufacturing, transportation, construction, telecommunication, and agricultural sectors, according to Premier Li Keqiang. The cuts – which will go into effect on May 1, 2018 – are expected to slash taxes by RMB 240 billion (US$38.17) this year. They are part of a wider tax reform package that aims to reduce taxes by a total of RMB 400 billion (US$64 billion) in 2018. The tax reform will lower the VAT rate for manufacturing enterprises from 17 percent to 16 percent, and the rate for transportation, construction, telecommunication, and agricultural enterprises from 11 percent to 10 percent. RELATED: China Announces Sweeping Reform of...

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China Slashes VAT Rates in US$64 Billion Tax Cut

Tax & Finance

China Slashes VAT Rates in US$64 Billion Tax Cut

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