China cuts VAT rate for manufacturing and other sectors to 13% as of April 1

Tuesday, 19 March 2019 10:31:29 (GMT+3)   |   Shanghai

Chinese premier Li Keqiang has stated that the value-added tax (VAT) rate of 16 percent in manufacturing and other industries will be reduced to 13 percent as of April 1. Meanwhile, social security payment rates are to be reduced from the previous 20 percent to 16 percent as of May 1. Both measures will reduce the burden of taxes and fees on Chinese enterprises by RMB 2.0 trillion ($0.30 trillion) in the current year.

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