News Code : 42483

Reduction set to be 3 percentage points on highest VAT rate

Petrotahlil-China is planning to cut value-added ed tax rate the covers the manufacturing Sector by 3 percentage points as part of measures to support the slowing economy, a person familiar with the matter said.

The reduction in the highest of the nation's three VAT brackets Could be announced as soon as   the week,when political leaders are gathering in Beijing for the annual National people's  congress, the person said, Who declined to be named as the matter isn't public.

 

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