Tax data reveals US$43.3 bn VAT cut over 10 months
The applicable 17% and 11% tax rates were reduced to 16% and 10% for industries such as manufacturing, transportation, construction and other sectors
Since the implementation of three tax reduction measures involving value-added tax reform, the latter over the first 10 months has been reduced by 298 billion yuan (US$43.3 billion), according to the latest data released by the State Administration of Taxation, Yicai.com reported.
The applicable 17% and 11% tax rates were reduced to 16% and 10% for industries such as manufacturing, transportation, construction and other sectors.
Among them, the scale of tax reduction in the manufacturing industry ranked first, achieving a net reduction of 71.45 billion yuan, accounting for 39.8% of the total tax cut.
Meanwhile, some key industries enjoyed a total tax rebate recording 114.8 billion yuan, of which advanced manufacturing and modern service industries enjoy a tax rebate of 106.1 billion yuan, accounting for 92% of the total rebate.
Tax preferential policies aiming to promote innovation have reduced taxes for startups by 678.9 billion yuan, according to the data.