A package of tax cuts announced by Premier Li Keqiang in early March is probably the most significant change to Chinese tax legislation in the past 12 months. The tax cut is estimated to be around 800 billion yuan in 2018. With objectives to stimulate the economy and build up a friendly business environment, the package includes various measures such as the reduction of value-added tax rates and considerable expansion of the scope of small companies eligible for half-rate reduction of income tax.
September 27 2018
