Date
16 July 2018

Govt mulls lower taxes for some catering players, report says

China’s commerce ministry is working with related departments to implement measurers aimed at lowering the business tax and bank card charges for mass-market catering operators, news website caixin.com reported Thursday, citing a deputy inspector from the ministry’s Department of Trade in Services and Commercial Services. The business tax rate will be cut to 3 percent from 5 percent, while bank card charge rate will be set at 0.38 percent for those catering operators, compared to 0.78 percent for other types, according to the report. According to data from the National Bureau of Statistics, total income of the nation’s catering sector rose 13.6 percent last year, 3.3 percentage points lower than the growth registered in the previous year and coming in weaker than the growth in overall retail sales of consumer goods for the third year in a row, the report said.

– Contact HKEJ [email protected]

TL/AC/RC

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