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China's New FM Confirms Tax Cut Plans

by Mary Swire, Tax-News.com, Hong Kong

26 March 2018


China's new Finance Minister, Liu Kun, has announced plans to reform the nation's taxation system, including value-added tax rate reductions.

Liu said the value-added tax cuts would benefit manufacturing firms and transportation providers this year.

He also confirmed plans to reform China's personal income tax system to increase tax breaks in relation to spending on children's education and critical illness.

The tax cuts are an extension of tax reforms, which began in 2013 when the government slashed more than CNY3 trillion in taxes and fees on companies, a process Premier Li Keqiang said was vital to improve the country's competitiveness and protect entrepreneurship.

TAGS: tax | value added tax (VAT) | China | ministry of finance | tax breaks | tax reform | individual income tax

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