国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Policy Watch

China expands VAT pilot program to all industries

(Xinhua) Updated: 2016-03-24 20:26

BEIJING - China's financial and taxation authorities announced it would expand its value-added tax (VAT) pilot program to all industries on Thursday in order to deepen the country's fiscal and taxation reform.

Starting from May 1, the replacement of business tax with VAT will be extended to construction, real estate, finance and consumer services, to ensure that the tax burdens on all industries be reduced, said a joint statement from the Ministry of Finance and the State Administration of Taxation.

Eleven percent VAT will be levied on construction and real estate companies, while a 6 percent rate will be imposed on finance and consumer service sectors, according to the statement.

Tangible goods have been subject to VAT for some time, but the levy on services is business tax, which is imposed on the value of a firm's sales. Such a crude system results in a tax on tax: it is charged on the taxes already priced in the supplies they buy. VAT avoids this, as it is applied to the value added at each link in the chain of production.

According to an official estimate released after a State Council meeting last Friday, the reform will ease taxes by more than 500 billion yuan (76.9 billion U.S. dollars) this year.

A business tax-to-VAT pilot began in 2012 and has been gradually expanded. It has reduced the tax burden of enterprises, most of which are small companies, by 641.2 billion yuan by the end of 2015.

Hot Topics

Editor's Picks
...
河津市| 南木林县| 乐至县| 浏阳市| 永修县| 尖扎县| 金乡县| 健康| 莱州市| 江达县| 林西县| 洞口县| 新竹市| 龙岩市| 凭祥市| 阿合奇县| 忻城县| 平塘县| 吐鲁番市| 卓资县| 长岛县| 成武县| 平武县| 华阴市| 且末县| 盐池县| 关岭| 大城县| 集安市| 平和县| 漳平市| 井冈山市| 新泰市| 栾川县| 柘城县| 博兴县| 宿松县| 太仓市| 兴和县| 平罗县| 赤水市|