CHINA> National
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VAT reform to shed corporate tax burden by $17.6B
(Xinhua)
Updated: 2008-11-09 22:00 BEIJING -- China announced on Sunday it would spread a reform of its value-added tax regime to all industries nationwide, which could cut the tax burden on enterprises by 120 billion yuan (about $17.6 billion).
The reform was aimed at a shift from the existing production-based value-added tax regime to a consumption-based one, which enables Chinese companies to get tax deductions on spending on fixed assets. |