Bigger VAT reform sees US$2b tax cut
Print Edition
China’s latest efforts to expand the pilot scheme for value-added tax reform nationwide have resulted in a tax cut of 13.01 billion yuan (US$2 billion) so far, the State Administration of Taxation said yesterday.
The expansion of VAT reform has included replacing the turnover tax with VAT in the transport industry and six service sectors since August.
VAT refers to a tax levied on the difference between a commodity’s price before taxes and its production cost, while turnover tax refers to a levy on a business’s gross revenues.
The widening VAT reform has benefited 2.22 million taxpayers so far, with 762,000 taxpayers from the newly added sectors, SAT said.
The VAT reform has benefited economic growth and company restructuring, said Bai Jingming, deputy director of the finance ministry’s financial sciences institute.
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