BEIJING (Reuters) - China will put forward more measures to cut tax in an effort to lower cost for the real economy, according to a transcript of a cabinet meeting led by Chinese Premier Li Keqiang.
The government will simplify the value-added tax rate system and cut value-added tax for agricultural products, natural gas to 11 percent from 13 percent, effective from July 1, 2017, according to the transcript posted on the microblog of the central government of China.
The cabinet also said the government will widen income tax benefits for small firms and it expects to further cut the tax burden by more than 380 billion yuan ($55.2 billion) in 2017.
($1 = 6.8852 Chinese yuan)
(Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app