China’s ongoing value-added tax (VAT) reform has saved a total of 93.97 billion yuan (US$15.31 billion) for businesses in the first ten months of this year, Xinhua news agency reported Thursday, citing data from the State Administration of Taxation (SAT). The widening VAT reform has benefited 2.47 million taxpayers as of October. SAT expects tax savings for enterprises for the full year to exceed 120 billion yuan, the report said. The authority’s head Wang Jun revealed that the agency is preparing to extend the tax reform to railway transport, postal services and telecommunications industries next year, Xinhua said.
– Contact HKEJ at [email protected]