China to roll out new tax cuts to boost high-quality development

Xinhua
China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (US$63 billion) this year.
Xinhua

China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (US$63 billion) this year.

The decision was made at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday. It is expected to boost high high-quality development.

The tax rate, starting from May 1, will be lowered from 17 percent to 16 percent for manufacturing, and from 11 percent to 10 percent for transportation, construction, basic telecommunication services and farm produce. 


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