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China CBEC Comprehensive Tax Further Reduced with VAT Reform

On Mar. 5, China's Premier Li Keqiang said in his government work report to this year’s NPC session that “a massive tax-cut program is listed on the agenda of the government. Under the plan, the value-added tax (VAT) rate will drop to 13% from 16% in sectors such as manufacturing and will be slashed from the current rate of 10% to 9% for transportation and construction industries.”

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