VAT reform to be further expanded
Updated: 2013-02-19 18:14
By Wei Tian (chinadaily.com.cn)
|
|||||||||
Another 10 provinces and regions are likely to benefit from a tax reform program to replace the business tax with the value-added tax, which aims to avoid duplicated levies, the Finance ministry said on Monday.
This will be the latest expansion of the program, which kicked off in Jan 1 in Shanghai, and was later extended to other provinces and cities.
Hebei, Henan, Shandong, Jiangxi, Hunan, Sichuan, Shaanxi, Qinghai and Xinjiang, together with the city of Qingdao, have submitted their applications to join the program this year, according to the Finance Ministry.
The program is expected to be expanded nationwide during the 12th Five-Year Plan (2011-15) period, and will help reduce several hundreds of billion yuan in taxes.
In 2012, the tax reform program helped to cut 42.6 billion yuan in taxes for companies in the pilot areas, according to the ministry.
Related Readings
Further tax reform needed for income redistributionTax cut to benefit 900,000 enterprises
Expand property tax nationwide: minister
Structural tax cuts to benefit more small businesses
- Li Na on Time cover, makes influential 100 list
- FBI releases photos of 2 Boston bombings suspects
- World's wackiest hairstyles
- Sandstorms strike Northwest China
- Never-seen photos of Madonna on display
- H7N9 outbreak linked to waterfowl migration
- Dozens feared dead in Texas plant blast
- Venezuelan court rules out manual votes counting
Most Viewed
Editor's Picks
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
TCM - Keeping healthy in Chinese way |
Poultry industry under pressure |
Today's Top News
Boston bombing suspect reported cornered on boat
7.0-magnitude quake hits Sichuan
Cross-talk artist helps to spread the word
'Green' awareness levels drop in Beijing
Palace Museum spruces up
First couple on Time's list of most influential
H7N9 flu transmission studied
Trading channels 'need to broaden'
US Weekly
Beyond Yao
|
Money power |