China to cut taxes by over 800 bln yuan in 2018

          Source: Xinhua| 2018-03-05 10:27:44|Editor: Liangyu
          Video PlayerClose

          BEIJING, March 5 (Xinhua) -- China will reduce taxes on businesses and individuals by more than 800 billion yuan (about 126 billion U.S. dollars) in 2018, Premier Li Keqiang said Monday.

          China will prioritize lowering rates in manufacturing and transportation, and raise the threshold for annual sales revenue for small-scale taxpayers, said Li when delivering a government report at the first session of the 13th National People's Congress.

          Far greater numbers of small low-profit businesses will see their income tax halved, and the ceilings on deductible business purchases of instruments and equipment will be significantly raised, Li said.

          A policy of uniform corporate income tax exemption on the overseas earnings of Chinese businesses will be put into implementation. More logistics companies will enjoy preferential tax treatment on their use of land for storage facilities.

          A total of 918.6 billion yuan was saved last year via China's ongoing reform to replace business tax with value-added tax (VAT).

          As the most significant tax overhaul for two decades, VAT is replacing business tax which has been in place for 60 years, streamlining procedure, and avoiding repetitive taxing. It was piloted in Shanghai in 2012 and expanded nationwide in May 2016.

          Meanwhile, China will lighten the non-tax burden on market entities by over 300 billion yuan this year, which will leave enterprises with a much lighter load and free to focus their resources on their development, according to the report.

          010020070750000000000000011100001370170471
          无码人妻一区二区三区四区av_亚洲精品911在线永久观看_精品一区二区国产在线观看_日韩不卡一区二区视频在线

                  一区二区婷婷在线视频 | 亚州不卡AV在线播放 | 中文字幕亚亚洲码在线 | 亚洲精彩视频在线播放 | 欧美啊v手机在线观看 | 日韩乱码中文字幕视频 |