日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

Taxes reduced by VAT reform, revenue increases

By Chen Jia | China Daily | Updated: 2018-02-02 10:38
Share
Share - WeChat

China has achieved the largest tax cut so far through its value-added tax reform, with the total reduction rising by 60 percent in 2017 from a year earlier, according to data released by the State Administration of Taxation.

During the last year, 918.6 billion yuan ($145.93 billion) of tax was cut after the replacement of a business tax by VAT, compared with a cut of 573.6 billion yuan in 2016, said Wang Shiyu, deputy head of the administration's tax policy and regulation department, at a news briefing on Thursday.

The country's VAT reform, which is seen as a key part of supply-side structural reform efforts, was first piloted in Shanghai in 2012 and was then expanded nationwide from May 1, 2016. During that period, nearly 2 trillion yuan of tax has been cut, according to data from the Ministry of Finance.

Finance Minister Xiao Jie pledged at the annual work conference in December that further implementing tax cut policy is a priority this year, to further ease enterprises' burden and to give more impetus to economic growth.

Experts have predicted that a further reduction of more than 1 trillion yuan could be achieved in 2018 through VAT reform, with a possible cut of the VAT tax rate by 1 to 2 percentage points. The highest tier of the current value-added tax rate is 17 percent.

China's VAT rate structure was further cut from four to three tiers-set at 6 percent, 11 percent and 17 percent-starting from July 2017, which led to tax cut of 14.7 billion yuan from July to December, according to a State Administration of Taxation official.

Despite the tax reduction through VAT reform, the country's overall tax revenue in 2017 increased to 12.6 trillion yuan, up by 8.7 percent year-on-year, compared with annual growth of 4.8 percent in 2016, the administration's statistics showed.

The acceleration of tax revenue growth last year, which brought to an end a three-year slowdown, "has shown strong correlation with GDP growth", which has risen to 6.9 percent from 6.7 percent in 2016, said Zheng Xiaoying, deputy head of the administration's revenue planning and accounting department.

Tax revenue from the service sector, which rose by 9.9 percent year-on-year in 2017, has contributed 56.1 percent of the total, 12.3 percentage points higher than that from the industrial sector, according to the official data.

Niu Li, deputy director of the economic forecast department of the China Information Center, said that the current tax rate for Chinese enterprises is still high and needs to be further reduced or it might curb their investment in the near future.

Yan Yan, chairman of China Chengxin International Credit Rating Co Ltd, said that as financial regulation is tightening, higher financing costs in the capital market will increase pressure on business operations. "Additional tax reduction is required to support the growth of the real economy, while limiting profit squeezing from higher financing costs," he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 九九九九精品视频在线播放 | 欧美白人黑人xxxx猛交 | 欧美一区二区免费 | 久草观看视频 | 妹子干综合 | 任你操免费视频 | 久热精品视频在线播放 | 天天操天天玩 | 台湾佬中文娱乐2222vvv | 国产限制级在线 | 偷拍自拍成人 | 日本三级韩国三级香港三级 | 日本啪视频 | 成人免费久久精品国产片久久影院 | 国产浮力第一浮力 | 午夜影院a | 天天看逼| 深夜日韩 | 妞干在线 | 中文字幕天堂在线 | 久操网址 | 国产精品成人免费观看 | 欧美日韩国产精品一区二区 | 欧洲成人全免费视频网站 | 三级福利视频 | 另类在线视频 | 久久精品国产精品亚洲综合 | 国产美女黄色片 | 91精品国产闺蜜国产在线 | 亚洲欧美成人 | 国产婷婷综合 | 国产免费观看一区 | 五月亭亭激情五月 | 日韩乱轮| 操人视频 | 久草视频在线资源站 | 最新的黄色网址 | 欧美精品1区2区3区 国产午夜精品理论片影院 亚洲精品不卡久久久久久 三级网站免费观看 | 中文字幕亚洲一区二区三区 | 99精品欧美一区二区三区综合在线 | 色妞妞视频 |