china-hotel china-hotels
Home China Global
Info Center
Destinations Flight Comparison Community guangzhou-hotels
My Account
China to Launch Tax Reform to Boost Growth in 2009
Update: 11/11/2008 10:57:00 AM Source: Beijing Hotels


China's government on Monday announced it would extend its value-added tax (VAT) reform to all industries nationwide from Jan. 1, 2009, to reduce the tax burden on companies by more than 120 billion yuan (17.6 billion U.S. dollars) next year.

The State Council, in an executive meeting, passed in principle regulations on VAT, consumption tax and business tax for promulgation after advised revision.

As part of a stimulus package of 4 trillion yuan to be spent by the end of 2010, the reform was aimed at a shift from the existing production-based to a consumption-based VAT regime, which would enable companies to get tax deductions on spending on fixed assets.

It also scrapped policies that exempted imported equipment from VAT, and removed foreign-funded companies from eligibility for tax rebates on domestic equipment purchases and put them on an equal footing with domestic companies.

The VAT rate for small businesses and the self-employed who fell into the small-scale taxpayers category was reduced to a universal 3 percent from 6 percent for industrial firms and to 4 percent for commercial companies, while the VAT rate for mineral products rose back to 17 percent from 13 percent.

The reform would help encourage technological upgrading at Chinese companies, boost domestic demand, and push for industrial restructuring, said the meeting.

Editor: canton fair

Canton Fair Hotel Special  Hong Kong Hotel Deals  Compare and Reserve International Flights


Related News

  • China's Fastest-changing Cities
  • China 2008 GDP Seen up 9.8%
  • Global Crisis Eating up Jobs at Home
  • Guangzhou-Beijing Flights to Be Improved Like Bus Schedule
  • Black Day for Pirated Software
  • Canton Fair Hotels | Canton Fair Hotel | Canton Fair Review | Canton Fair 2011 | 109th Canton Fair | China Hotels Review | Canton Fair
    Site Map | About Us | Terms and Conditions | Privacy | Communities | Contact Us | Links
    Foire de Canton Hôtels Chine | La Feria de CANTÓN Hoteles | Übersicht Kanton-Messe Hotels | Fiera di Canton Hotel Cina | Feira de Canton Hotéis
    Canton Fair 2011 | Shanghai Hotels | Guangzhou Hotels | Shenzhen Hotels | Dongguan Hotels | Beijing Hotels | China Hotels | China Accommodation
    Hangzhou Hotel | Shanghai Hotel | Guangzhou Hotel | Shenzhen Hotel | Dongguan Hotel | Beijing Hotel | Canton Fair | XiAn Hotel | Qingdao Hotel
    Hong Kong Hotels | Taipei Hotels | Tokyo Hotels | Los Angeles Hotels | Las Vegas Hotels | New York Hotels | HongKong Hotels | Frankfurt Hotels
    Copyright@2011, All Rights Reserved.