BEIJING, March 15 — China will cut value-added tax (VAT) for manufacturing and other sectors on April 1, Premier Li Keqiang said today, adding that cuts in taxes and fees remained a key measure to cope with downward pressure on the world’s second-largest economy.
China will also start cutting social security fees from May 1, he told reporters at a news conference at the conclusion of the annual parliament meeting.
Li announced in a 2019 work report delivered on March 5 that the VAT for the manufacturing sector will be cut to 13 per cent from 16 per cent. VAT for the transport and construction sectors will be reduced to 9 per cent from 10 per cent. — Reuters
Source: The Malay Mail Online