China's VAT reform eases taxes by 267.9 bln yuan

0 Comment(s)Print E-mail Xinhua, July 24, 2014
Adjust font size:

China's value-added tax (VAT) reform has so far resulted in a tax reduction of 267.9 billion yuan (43.56 billion U.S. dollars) for businesses, the State Administration of Taxation (SAT) said Thursday.

China's VAT reform, which was implemented as part of China's structural tax cuts, has included replacing turnover tax with a VAT in the transportation industry, railway transport, postal services, telecommunications and some service sectors.

VAT refers to a tax levied on the difference between a commodity's price before taxes and its production cost. Turnover tax refers to a levy on a business's gross revenues.

The widening VAT reform has helped ease tax burdens for over 96 percent of affected taxpayers, according to the administration. Endi

Follow on Twitter and Facebook to join the conversation.
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from