The Chinese government will reduce the tax burden in a number of areas

Almaty. February 1. Silkroadnews - The Chinese government will reduce the tax burden in four areas, according to information portal “China news”.
“Construction, real estate development, financial services and consumer services will be included in the Chinese tax reform program. The reform aims to replace sales tax with the value added tax (VAT). Thus, the tax on the production costs will be deducted from the tax on the volume of production thereby avoiding duplication of taxes and ease the tax burden of enterprises,” - the publication informed on Monday.
It is noted that the tax burden will be eased by 600 billion yuan ($91.26 billion) this year. The construction, real estate and consumer services sectors shall benefit the most from it. The tax reform will affect restaurants, hotels, entertainment centers, tourism, housing, banks, brokers and others. For them, the total amount of tax will fall from 0.5 % to 1.7%.
Reportedly, the detailed rules of the tax reform will be developed by the end of March and will enter into force before the end of this year.