It has been revealed that China is working on introducing a stimulus package for the country's light industry sector, which is likely to contain tax measures.
The package is aimed at boosting light industrial sectors such as lighting, home appliances, leather, paper, plastics and batteries, which have struggled due to a recent decline in domestic consumption.
In a bid to boost consumer spending, the government is also considering the reduction of the consumption tax rate on items such as alcohol, cosmetics and jewellery, whilst simultaneously increasing the import tariffs on luxury items.
Further to this, it has been suggested that export tax refunds for light industry products could be increased, that tax breaks may be awarded to exporters of Chinese goods and that the individual income tax threshold may be increased.
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