Date: Mar 6, 2019
It’s reported that the second session of the 13th National People’s Congress (NPC) opened in Beijing on 5 March, Premier Li Keqiang said in the government work report that China will further cut taxes in 2019.
According to Premier Li, inclusive tax reduction and structural tax reduction will be carried out to alleviate tax burdens on manufacturing industry and small and micro businesses. The VAT reform will be deepened by reducing that for manufacturing industry to 13% from the current level of 16% and that for transportation industry and construction industry to 9% from the current level of 10%, ensuring sharp decrease in taxes paid by major industries. The inclusive tax reduction policy for small and micro businesses released early this year should be implemented strictly.
