27 May 2019

VAT helps firms save 140 bln yuan in tax payments, Xinhua says

China’s move to replace business tax with value-added tax has helped enterprises save a combined 140 billion yuan (US$23.08 billion) in tax payments in 2013, the official Xinhua news agency reported Thursday, citing data from the Ministry of Finance. The scheme will be expanded to cover the railway and postal industries from Jan. 1, and will be implemented nationwide in 2015, the report said.

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