Policy digest

China decides to further reduce tax

The executive meeting of the State Council, China's Cabinet, presided over by Premier Li Keqiang on April 19, decided to further reduce tax. The reform of replacing business tax with value-added tax, which has already reduced tax by 200 billion yuan ($29 billion) in the first quarter this year, will be further propelled. The tax rate structure will be simplified, the scale of small and micro-businesses will be expanded, and tax deduction for research and development for small and medium-sized enterprises in the science and technology sectors will be increased.

Nation approves draft Public Library Law