China to Draft Value-Added Tax Law This Year

TRENDING: Popular WeChat Account Valued at 2 Billion Yuan Snapped Up By Education Firm; China to Draft Value-Added Tax Law This Year; Shaanxi Anti-Corruption Official Under Investigation — for Corruption

LATEST: Death Toll Rises to 64 in Explosion at Chemical Plant in Eastern China; Here Are the First Companies Hoping to List on China's High-Tech Board; Police Officer Took 42 Million Yuan in Bribes to Change Drivers’ Traffic Records; Historic Car Maker Enters New-Energy Ride-Hailing Business; Urban Chinese More Inclined to Save Than Spend in Q1: PBOC Data; China’s Tesla Rival Denies Reports of Mass Layoffs, Inflated Sales Figures; Chemical Blast in East China Kills 47, Seriously Injures 90; Tencent Quarterly Profit Sags, to Pay Dividend; Former Tencent AI Chief to Head New Sinovation-Backed Hong Kong Lab; U.S. Trade Delegation to Visit Beijing on March 28-29, China Says; The Fall of a Mysterious Private Villa in a Protected Wilderness Area in China; More Party Discipline Inspections Are Coming, With Focus on Central Government Institutions; China to Draft Value-Added Tax Law This Year; China Construction Bank Names New President; China High-Level Economic Forum to Focus on Opening Up; China Telecom to Invest 9 Billion Yuan in 5G This Year; People’s Daily Head Leaves for High-Level Position at Beijing’s Liaison Office in Hong Kong; Xiaomi Swings to Profit Amid Lackluster Smartphone-Industry; After Food Scandal, New Rule Requires School Officials to Dine With Students; Like the U.S., China Has Its Own College Admissions Problems

By Cheng Siwei and Liu Jiefei / Mar 20, 2019 07:15 PM / Politics & Law

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.

Share this article

Open WeChat and scan the QR code