Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Policy

China to cut import firms' tax burden by 225 bln yuan in 2019

March 28, 2019


Abstract : China's customs will significantly cut VAT rates for its import enterprises in 2019, the latest move to reduce the financial burden of enterprises.

BEIJING, March 27 (Xinhua) -- China's customs will significantly cut VAT rates for its import enterprises in 2019, the latest move to reduce the financial burden of enterprises.

The total VAT reduction in imports will reach around 225 billion yuan (about 33.5 billion U.S. dollars) this year, after the implementation of lower VAT rates on April 1, according to the General Administration of Customs.

Taxpayers currently subject to the 16-percent VAT rate on their 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, the administration said.

The VAT rates have been reduced from 17 percent and 11 percent, to 16 percent and 10 percent since May 1, 2018, respectively.

The VAT rates of imported retail goods from cross-border e-commerce will also be lowered to boost domestic consumption, which will cut the consumer burden by 1.35 billion yuan this year, the administration said.

China has pledged to launch large-scale tax and fee cuts this year, reducing tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan, according to the 2019 government work report.

Scan the QR code and push it to your mobile phone

Keyword: cross-border-e-commerce VAT-reduction customs

Reading:

Thai securities regulator to improve conflicts of interest management policies

Thai MoC encourages exporters to use Form D for sharp increase of exports to Vietnam

Volvo Group sees opportunities in green transport: paper

China willing to work with other LMC countries to implement cooperation projects: ambassador to Myanmar

China to roll out policies for dev., opening-up of its central and western regions

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial