Beijing Announces Tax Cuts for 400 Billion Yuan

Beijing (AsiaNews) - China has announced a reduction in value added tax for some sectors of the economy, equivalent to a saving of 400 billion yuan (about 53 billion euros).

The tax cut, which will be effective from May 1, is the first since 1994, when the country adopted the tax reform and assumed the so-called VAT system.

Taxes will be reduced from 17% to 16% in the manufacturing sector; in the transport, construction, telecommunications and agricultural sectors, they will be lowered from 11% to 10%.

All these measures were decided in a meeting of the Council of State, held yesterday and chaired by Premier Li Keqiang.