Businesses gain from VAT reform
Source: Xinhua |
July 25, 2014, Friday
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Print Edition
Print Edition
China’s value-added tax reform has so far resulted in a tax reduction of 267.9 billion yuan (US$43.2 billion) for businesses, the State Administration of Taxation said yesterday.
China’s VAT reform, which was implemented as part of China’s structural tax cuts, has included replacing turnover tax with a VAT in the transportation industry, railway transport, postal services, telecommunications and some service sectors. VAT refers to a tax levied on the difference between a commodity’s price before taxes and its production cost. Turnover tax refers to a levy on a business’ gross revenues.
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