综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

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
...
盐亭县| 鲁甸县| 红桥区| 扬中市| 阳东县| 永善县| 德庆县| 松溪县| 会泽县| 讷河市| 赤水市| 安顺市| 固阳县| 潼关县| 双流县| 合作市| 宁阳县| 鄯善县| 乡城县| 密云县| 吉安市| 那坡县| 丹寨县| 台中县| 沛县| 淮安市| 延吉市| 漯河市| 饶平县| 耿马| 林芝县| 紫金县| 额济纳旗| 平原县| 新巴尔虎右旗| 平江县| 北川| 桐乡市| 奉节县| 和静县| 高清|