BEIJING, April 19 China will put forward more
measures to cut tax in an effort to lower cost for the real
economy, according to a transcript of a cabinet meeting led by
Chinese Premier Li Keqiang.
The government will simplify the value-added tax rate system
and cut value-added tax for agricultural products, natural gas
to 11 percent from 13 percent, effective from July 1, 2017,
according to the transcript posted on the microblog of the
central government of China.
The cabinet also said the government will widen income tax
benefits for small firms and it expects to further cut the tax
burden by more than 380 billion yuan ($55.2 billion) in 2017.
($1 = 6.8852 Chinese yuan)
(Reporting by Beijing Monitoring Desk; Editing by Jacqueline