test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Economy | Time:Dec 29 2016 8:21AM
More tax reduction expected in 2017: official
 
Text size
BEIJING, Dec. 27 (Xinhua) -- Chinese businesses will see further tax reductions in the next year as a result of the newly value-added tax (VAT) system, an official said Tuesday.

China's VAT was introduced nationwide in May to replace business tax.

The new tax saved businesses 470 billion yuan (68 billion U.S. dollars) in the first eleven months of the year, on track to meet the government's end-of-year target of 500 billion yuan.

Speaking at a press conference jointly held by the State Administration of Taxation (SAT) and the Ministry of Finance, SAT director Wang Jun said cited three factors which could lead to bigger reductions in 2017: Construction, property, finance and services sectors were not covered in the first four months of this year; the rules on tax of real estate purchases will be changed; and there will be better management of tax policy.

From May to November, combined industrial profits increased 10.1 percent year on year, against 1.4-percent losses in the same period in 2015.
Related Articles
Trade slows but still impels economy
China's trade growth moderates but economic momentum remains
Coal producers report better profits
China, ASEAN agree to build higher level of strategic partnership
S. Korean giant SK Holdings to invest in HK logistics developer ESR
China to see strong investment in Q3: Report
China to reform state assets management system
China to continue to be key driver of global growth: IMF chief
Cooperation key to rebalancing China-U.S. trade
Chinese yuan internationalization may regain momentum: bank
 
Research
Sales&production of Indian, Pakistani and Vietnamese cotton ...
Cotton production and consumption structure analysis in ...
PTMEG: price stops falling, supply&demand pattern alters ...
Influence forecast of CPL capacity expansion in second half ...
Will Chinese domestic cotton yarn emerge with uncompetitive ...
Polyester industrial chain pattern and change
 
 

浙公网安备 33010902000742号