Date
11 December 2017

VAT reform helped firms save 140 bln yuan in 2013, Xinhua says

A pilot program to replace business tax with value-added tax (VAT) has helped corporates save a total of 140.2 billion yuan (US$22.98 billion) in taxes last year, Xinhua news agency reported Thursday, citing the State Administration of Taxation. As of the end of last year, the program had covered a total of 2.7 million corporate taxpayers, the report said. China launched VAT trial for transport and modern service industries in Shanghai on Jan. 1, 2012. The program was extended nationwide since August last year.

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