Economics
China Rolls Out Fresh Tax Cuts in Bid to Support Economic Growth
- Value-added tax rate lowered for items including natural gas
- Tax measures taken this year worth total of 380 billion yuan
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China will further ease the tax burden on businesses and individuals, as part of a broader push to boost consumption and support economic growth.
The structure of value-added tax will be simplified, from four brackets to three, and the rate for products including natural gas and agricultural items will be cut to 11 percent from 13 percent starting July 1, officials at a State Council meeting led by Premier Li Keqiang decided Wednesday, according to a statement.