VAT reform across all industries in 2016
Print Edition
CHINA’S value-added tax reform will be implemented in all industries in 2016, Minister of Finance Lou Jiwei said.
The business tax will be replaced by VAT in the remaining four industries — finance, construction, property and consumer services, Lou said yesterday.
Business tax refers to a levy on the gross revenue of a business while VAT refers to a tax levied on the difference between a commodity’s price before taxes and its cost of production. A pilot scheme on business tax-to-VAT was tested in 2012 and expanded to industries including transport, telecommunication and postal service.
The VAT reform is to ease the corporate tax burden.
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