Tax reform on the agenda

Source: Xinhua | 2018-03-27

CHINA will step up making its taxation system and structure as effective as possible while paying close attention to international tax reform, Minister of Finance Liu Kun said yesterday.

Value-added tax rates will see further adjustments, and those in sectors including manufacturing and transportation will be lowered. A total of 918.6 billion yuan (US$145.6 billion) was saved last year via China’s reform program to replace business tax with VAT. China will also reform its personal income tax system to raise tax breaks in relation to spending on children’s education and critical illness.