China Cuts Value-Added Taxes for Small Firms

China Cuts Value-Added Taxes for Small Firms

For the purpose of further supporting the development of small and micro businesses and to ease the financial burden on them, upon approval by the State Council, starting from 1 July 2014, companies now paying 4% or 6% in value-added tax will pay 3%.

 

The government is expected to announce further reductions in VAT rates, particularly for larger firms.

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