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December 1, 2016

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VAT policies to refine to ease tax woes

CHINA will continue to improve its value-added tax policies to further ease the tax burden of companies, an executive meeting of the State Council said.

The VAT system was rolled out nationwide in May to replace business tax after successful pilots. By the end of October, firms had saved 96.5 billion yuan (US$14 billion), said a statement released after a meeting chaired by Premier Li Keqiang.

All 26 economic sectors covered by the VAT program have seen their taxes reduced, said the statement, adding that finance, construction, real estate and livelihood services have been covered by the program.

The government estimates that 500 billion yuan will be saved this year, taking into account tax cuts in pilot industries earlier this year.

Policy-makers expect the new round of tax breaks to improve the overall tax system, help the development of the service sector and other new economic drivers, and aid the nation’s economic transformation.

The government will keep a close eye on the program and address problems promptly, and make more efforts to cut business burden and stimulate market vitality.

The central authorities will also allocate tax rebates to local governments, instead of more returns for regions with higher tax revenues, to help local officials to meet the balance.

The meeting also reviewed a report on the annual inspection of state-owned enterprises run by the central government.


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