Home / 2017 NPC and CPPCC

VAT reform leads to 570b yuan in savings

By Wang Yanfei | chinadaily.com.cn | Updated: 2017-03-07 10:29

China's value-added-tax reform, which began in 2012 and has seen business tax replaced with VAT, resulted in companies making total tax savings of 570 billion yuan ($82.55 billion) last year, Finance Minister Xiao Jie said on Tuesday.

The reform has not only helped lower the tax burden but also promoted the optimization of industrial structure, Xiao said.

Taxation of companies will be further reduced this year, according to Xiao.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349