VAT shake-up helps companies increase growth in taxing times
By Wang Yanfei | China Daily | Updated: 2017-06-20 06:58
A massive tax shake-up has revitalized the service sector and stimulated economic growth.
Value Added Tax, or VAT, reforms in May 2016 helped GZL, a travel agency, which is based in Guangzhou, Guangdong province in southern China, increase its foreign footprint.
The company saved 3.65 million yuan ($535,700) in VAT payments, which allowed it to plough money back into the business.
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