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Replace business tax with value-added tax

营改增 (yíng găi zēng)

The central authority has decided to expand the pilot program of replacing business tax with value-added tax, which began four years ago, to the remaining four sectors of property, construction, finance and consumer services starting May 1. The tax reform - completely replacing business tax with VAT - will involve at least 10 million companies in China, which jointly contribute 80 percent of the country's total business tax revenue.