Latest News:  


Transport to come under VAT reform

(Shanghai Daily)

08:27, May 29, 2013

CHINA will expand a reform of the value-added tax to cover transport and some service industries nationwide from August 1, and impose 6 percent tax on newly included radio, television and movie services.

China will charge 17 percent VAT for leasing tangible assets, 11 percent for transport, and 6 percent for selected modern services, the Ministry of Finance said in a statement yesterday. For small businesses with annual revenue of 5 million yuan (US$78.9 million) or lower, the preferential rate is 3 percent.

For the first time, the ministry has also expanded the VAT program to cover production, broadcast and publication of radio, films and television programs, which will see a 6 percent tax imposed.

The move is an expansion of a regional VAT pilot program, which started in Shanghai on January 1, 2012, and was gradually implemented in three municipalities and six provinces.

The program, which replaces the business tax with VAT for some service companies, aims to cut taxes for companies and streamline them across manufacturing and service industries.

The National Development and Reform Commission, China's top economic planner, has estimated the VAT reform to cut 120 billion yuan in tax for companies this year.

We Recommend:

Intelligent & beautiful Asian business women

19-year-old self-made multimillionaire

55th Housing Fair held in E China's Jiangsu

Top 10 instant noodles of all time

Eye-catching models highlight house fair

'Lipstick effect' hits China as economy slows

10 million-yuan bra shines in North China

Top 10 most competitive cities in China in 2013

Hot atmosphere at Int'l Brand Underwear Fair

Email|Print|Comments(Editor:ChenLidan、Gao Yinan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Amphibious armored brigade in training

  2. Close view of Chinese female snipers

  3. 'Sea of Hands' event held in Sydney

  4. Children visit patrol boats during open day

  5. White angels in Chongqing

  6. Dalian mounted police should be unsaddled

  7. China Final of World Super Model Contest 2013

  8. Funny group photos of college graduates

  9. Migrant workers see slower wage rise

  10. Ladies in finance industries

Most Popular


  1. Mutual trust essential for China-U.S. relations
  2. Turning-on-red rule is dangerous for pedestrians
  3. Boy's graffiti signals lack of values at home
  4. Sino-Indian diplomatic miracle embarrasses Japan
  5. U.S. dollar could weaken most Asian currencies
  6. Apple's tax dodge smacks of abuse
  7. Chinese premier's Swiss tour fruitful, influential
  8. China-Switzerland FTA to benefit both sides
  9. What China-Switzerland FTA brings about?

What’s happening in China

White angels in Chongqing South West Hospital

  1. Nanjing citizen fulfills piano-making dream
  2. Qingdao's landmark pier damaged in storm surge
  3. Six killed in shed fire in central China
  4. Gov't-led tour makes Mecca dreams come true
  5. Gas station workers sacked over patient's death