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December 28, 2016

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Further tax cuts

CHINESE businesses will see further tax cuts next year as a result of the new value-added tax system, an official said yesterday.

The VAT was introduced across China in May to replace business tax. The new tax saved businesses 470 billion yuan (US$68 billion) in the first 11 months of the year, on track to meet the government’s year-end target of 500 billion yuan. Speaking at a press conference, Wang Jun, director of the State Administration of Taxation, cited three factors which could lead to bigger cuts in 2017: construction, property, finance and services sectors were not covered in the first four months of this year; the rules on tax of real estate purchases will be changed; and there will be better management of tax policies.


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