China to Launch Tax Reform to Boost Growth in 2009

  • Tuesday, November 11, 2008
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  • Keywords:tax
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China announced Monday to spread its value-added tax (VAT) regime to all industries nationwide starting from Jan. 1, 2009, which will reduce tax burden on companies by more than 120 billion yuan (about 17.6 billion U.S. dollars) next year.
 
The move was made in an executive meeting of the State Council, which passed in principle several regulations on VAT, consumption tax and business tax for promulgation after advised revision. –Xinhua
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