Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Industries Switch Up Production Processes to Use Byproducts to Produce Medical Supplies
China Plans to Mass Produce Driverless Cars by 2025 Later Than Previous Forecast
U.S. Companies Fluctuate on Wall Street as Covid-19 Hits Their 2020 Forecasts
Snack Shop Serves Up First IPO from Wuhan Since Covid-19 Outbreak Took Hold
Chinese AI Firm Laiye Secures $42 Million in Series C Funding Round
Japan’s Finance Minister Expresses Concerns Over China’s Digital Yuan
U.S. Allows China’s iFlyTek to Resume Purchases of American-Made Medical Products During Outbreak
China Accounts For Nearly Half of All Global 5G Smartphone Shipments in 2019: Research
Xiaomi-Backed Smart Home Cleaner Maker Raises $641 Million in Shanghai IPO
Foxconn Allows Henan Workers to Return to Its Zhengzhou Complex
Alibaba-Owned Livestreaming Platform Taobao Live Sees Rapid Growth Amid Outbreak
Lenovo Charges Up Investors by Playing Down Virus Impact
Huawei ‘Disappointed’ After U.S. Court Rejects Its Federal Ban Challenge
Didi Installs In-Car Protective Sheets Between Drivers and Passengers to Control Coronavirus
Puma and Adidas Face Massive Sales Drop Due to Coronavirus
China Raises First-Batch Rare-Earth Mining Quota by 10% for 2020
Tesla and CATL Enter Advanced Stages of Talks Over Cobalt-Free Battery Supply
Hong Kong Unemployment Surges to Record High in Wake of Coronavirus Outbreak
First Huawei Smartphone to Replace Google Mobile Services Hits Europe Next Week
Jaguar Land Rover Unsure It’ll Recoup China Sales Lost to Virus
China to Draft Value-Added Tax Law This Year

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.

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

Share this article
Open WeChat and scan the QR code