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China's new policy on VAT reduction comes into effect

Policy

Starting on April 1, companies that are subject to the 16-percent VAT rate on their taxable sales or imported goods will enjoy a 13-percent VAT rate, while those who are subject to the 10-percent VAT rate will only need to pay 9 percent, reads a Ministry of Finance statement.

Xinhua丨Updated: April 2, 2019

A staff member (back) offers service to a taxpayer at a tax bureau in Kaili of Qiandongnan Miao and Dong Autonomous Prefecture, southwest China's Guizhou Province, April 1, 2019. Starting on April 1, companies that are subject to the 16-percent VAT rate on their taxable sales or imported goods will enjoy a 13-percent VAT rate, while those who are subject to the 10-percent VAT rate will only need to pay 9 percent, reads a Ministry of Finance statement. [Photo/Xinhua]
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