China cuts VAT on gas

China will cut VAT for gas from 13% to 11% from 1 July as part of efforts to reduce the tax bills of companies, according to the State Council.
By Staff reporter 21 April 2017 0 25587

China will cut VAT for gas from 13% to 11% from 1 July as part of efforts to reduce the tax bills of companies, according to the State Council.

The tax cut could potentially benefit LNG producers seeking to supply China, according to BMI Research.

The State Council also issued tax cuts for agricultural products, small and medium-sized enterprises, and health insurance premiums.

Together, the cuts are expected to reduce the tax burden on companies by a total of RMB 380 billion ($55 billion) this year.

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