久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

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

Total VAT cut expected to be over 900b yuan

By Yu Xiaoming | chinadaily.com.cn | Updated: 2019-03-20 11:15
Share
Share - WeChat
Tax and fee cuts will be nearly 2 trillion yuan this year, a key measure to cope with current economic downward pressure. [Photo/VCG]

As China plans to implement a new round of reduction of value-added tax rates starting from April 1, experts predicted the total VAT cut will surpass 900 billion yuan ($134.03 billion) this year, Shanghai Securities News reported.

According to this year's Government Work Report, the VAT rate for the manufacturing sector will be cut by three percentage points to 13 percent. For construction and related sectors, the VAT rate will be reduced by one percentage point to 9 percent.

VAT, a major type of corporate tax derived from sales of goods and services, is China's largest tax category, also one of important sources of tax revenue. Last year, China's VAT revenue totaled 6.15 trillion yuan, accounting for nearly 40 percent of the total.

If VAT rate is cut by one percentage point, it could reduce tax burden of enterprises of 41 million yuan, said Lu Tao, a financial official from Chinese machinery manufacturer Sany Corp.

China plans to reduce the tax burden and social insurance contributions of enterprises by nearly 2 trillion yuan this year, according to the report delivered on March 5. Meanwhile, the country has set this year's GDP growth target at 6 to 6.5 percent.

Assuming the growth of VAT synchronizes with that of GDP and given the median of GDP growth 6.25 percent, a total reduction of more than 900 billion yuan is expected to be achieved, Li Xuhong, a professor of the Beijing National Accounting Institute, told the newspaper.

On May 1, 2018, the VAT rate was lowered from 17 percent to 16 percent for manufacturing and some other industries, and from 11 percent to 10 percent for transportation, construction, basic telecommunication services and farm produce. This round of reduction of VAT rates has made the real economy such as manufacturing and construction industry benefit most.

As April 1 draws near, some automakers have announced plans to cut the prices of their models sold in China. For example, Jaguar Land Rover announced price cuts on Friday, with the prices of selected Range Rover models slashed by 85,000 yuan.

Research institutes predicted the new round of VAT reform will benefit several sectors. A researcher from TF Securities said the reduction of VAT rates will have positive influence on machinery equipment and chemical industry.

The sectors with low profit margin will have more obvious upside potential, another researcher from China Development Bank Securities added. For example, the profit growth of beer companies is expected to be 15-90 percent.

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: 久久九九免费 | 99精品欧美 | 日本高清福利视频在线观看 | 久久精品国产欧美成人 | 三级毛片在线播放 | 欧美色老头gay | 国产第一夜 | 国产三级手机在线 | 日本wwwwwwwww| 国产成人精品一区二区免费视频 | 自拍理论片 | 国产一区亚洲二区三区毛片 | 亚洲综合久久久 | 欧美 亚洲 丝袜 清纯 中文 | 中国一级特黄真人毛片 | 三区在线视频 | 欧美成人免费网在线观看 | 深夜国产 | 飘花国产午夜精品不卡 | 泰国情欲片寂寞的寡妇在线观看 | 日本久久久久 | 欧美一级高清毛片aaa | 亚洲 欧美 精品 | 伊人久热这里只有精品视频99 | 国产精品1区2区3区在线播放 | 毛片手机在线观看 | 久久综合久久自在自线精品自 | www.成人在线视频 | 特级一级毛片免费看 | 亚洲一区欧洲一区 | 久久精品免视看国产明星 | a国产精品 | 在线观看精品自拍视频 | 欧美一区二区三区日韩免费播 | 国产思思 | 久久精品一区二区免费看 | 亚洲精品欧美精品 | 老外一级毛片免费看 | 免费看片aⅴ免费大片 | 国产成人亚洲综合一区 | 三级伦理网站 |