Government to propose plan for more reductions in taxes, fees

The government will propose a detailed plan to the top legislature this week to reduce taxes and fees, with an annual target that would cut more than 1.3 trillion yuan ($194 billion) to promote manufacturing and strengthen private companies' confidence, high-ranking officials said.

The 2019 tax cut plan, which is more aggressive than last year's, will focus on lowering value-added tax rates, an official in the Ministry of Finance told China Daily. The official asked not to be named because details were not yet authorized for release.

Premier Li Keqiang is scheduled to deliver the annual Government Work Report at the opening of the second session of the 13th National People's Congress on Tuesday, and more details about the tax arrangement are expected to be revealed.