国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Policy Watch

VAT reform to go across all industries in 2016

(Xinhua) Updated: 2015-12-29 08:10

BEIJING - China's value-added tax (VAT) reforms will be implemented across all industries in 2016, an official with the Ministry of Finance (MOF) said on Monday.

The country will replace business tax with VAT in the remaining four industries -- finance, construction, property and consumer services, according to Lou Jiwei, head of the MOF.

Business tax refers to a levy on the gross revenue of a business while VAT refers to a tax levied on the difference between a commodity's price before taxes and its cost of production. A pilot scheme on business tax-to-VAT was tested in 2012 and gradually been expanded to industries including transportation, telecommunication and postal service.

One objective of VAT reform is to alleviate the corporate tax burden. From 2012 to the first half of 2015, the measure has resulted in tax savings of over 484.8 billion yuan ($75 billion), accounting for 0.2 percent of GDP in the period, according to a report by China International Capital Corp Ltd (CICC), the country's first joint venture investment bank.

Once all industries shift to VAT in 2016, the overall tax saving will be more than 900 billion yuan, or 0.4 percent of GDP, CICC predicted.

VAT can encourage firms to outsource more services rather than adopting a do-it-all business model, promoting the development of the service sector and the upgrading of manufacturing industries, the report added.

Hot Topics

Editor's Picks
...
泾阳县| 蕉岭县| 化州市| 龙门县| 伊川县| 怀仁县| 长武县| 仙桃市| 灌南县| 迭部县| 南召县| 体育| 石渠县| 湘潭县| 孝义市| 宾川县| 长丰县| 府谷县| 江都市| 武威市| 滨海县| 璧山县| 涞水县| 郑州市| 班戈县| 万荣县| 开封市| 堆龙德庆县| 乐安县| 金沙县| 屏边| 依安县| 蕲春县| 都匀市| 喀什市| 法库县| 凤阳县| 巴东县| 贺州市| 施甸县| 麟游县|