More tax cuts ex­pected to take place in 2017

China Daily (Hong Kong) - - BUSINESS -

Chi­nese busi­nesses will see fur­ther tax re­duc­tions in the next year as a re­sult of the newly val­ueadded tax ( VAT) sys­tem, an of­fi­cial said on Tues­day. China’s VAT was in­tro­duced na­tion­wide in May to re­place busi­ness tax. The new tax saved busi­nesses 470 bil­lion yuan ($68 bil­lion) in the first 11 months of the year, on track to meet the govern­ment’s end-ofyear tar­get of 500 bil­lion yuan.

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