China cuts VAT rate from April
2019-04-02 13:51:43 [Print]
On 1 April, the VAT rate reduction policy took effect officially. According to the announcement released by General Administration of Customs, Ministry of Finance and State Administration of Taxation, the VAT rate for manufacturing industry and others is reduced to 13% from the previous level of 16% and that for transportation industry, construction industry and others is reduced to 9% from the previous level of 10% from 1 April. The VAT rate of 6% for some industries remains unchanged.
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