China to Launch Tax Reform to Boost Growth in 2009
[2009-04-01 09:53:09]
China's government on Monday announced it would extend its value-added tax (VAT) reform to all industries nationwide from Jan. 1, 2009, to reduce the tax burden on companies by more than 120 billion yuan (17.6 billion U.S. dollars) next year.
It scrapped policies that exempted imported equipment from VAT, and removed foreign-funded companies from eligibility for tax rebates on domestic equipment purchases and put them on an equal footing with domestic companies.
The VAT rate for small businesses and the self-employed who fell into the small-scale taxpayers category was reduced to a universal 3 percent from 6 percent for industrial firms and to 4 percent for commercial companies, while the VAT rate for mineral products rose back to 17 percent from 13 percent.
It scrapped policies that exempted imported equipment from VAT, and removed foreign-funded companies from eligibility for tax rebates on domestic equipment purchases and put them on an equal footing with domestic companies.
The VAT rate for small businesses and the self-employed who fell into the small-scale taxpayers category was reduced to a universal 3 percent from 6 percent for industrial firms and to 4 percent for commercial companies, while the VAT rate for mineral products rose back to 17 percent from 13 percent.
Source: Bizchina
Keywords:Tax Reform VAT
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