China will try to complete drafting laws on taxes, including the value-added tax (VAT) and consumption tax, this year, the Ministry of Finance said Wednesday.

VAT is the largest source of government tax revenues, and will be a major part of the nearly 2 trillion yuan ($300 billion) tax and fee cuts this year.

Beijing promised to cut the VAT rate to 13% from 16% for manufacturers, and cut the rate for transportation and construction companies to 9% from 10%, according to the government work report released earlier this month.

Related: Why Value-Added Tax Cuts Are Essential to Helping Businesses