VAT trial widens to 3 more areas
Source: Xinhua |
December 2, 2012, Sunday
|
Print Edition
Print Edition
CHINA yesterday expanded a trial replacing business tax with a value-added tax (VAT) to three more provincial regions, the State Administration of Taxation announced.
The move from a revenue tax to VAT was applied to transport and services businesses in Tianjin Municipality and Zhejiang and Hubei provinces.
Shanghai piloted the program this year to decrease the tax burden and boost the transport and service sectors.
The program was then rolled out in other regions.
With the latest additions, 900,000 enterprises are covered, the administration said.
In Shanghai, the move helped reduce enterprises' tax burdens by 22.5 billion yuan (US$3.57bn) in the first 10 months of the year.
The move from a revenue tax to VAT was applied to transport and services businesses in Tianjin Municipality and Zhejiang and Hubei provinces.
Shanghai piloted the program this year to decrease the tax burden and boost the transport and service sectors.
The program was then rolled out in other regions.
With the latest additions, 900,000 enterprises are covered, the administration said.
In Shanghai, the move helped reduce enterprises' tax burdens by 22.5 billion yuan (US$3.57bn) in the first 10 months of the year.
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