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China to expand reforms to replace business tax with VAT: premier
January 25, 2016 / 11:01 AM / 2 years ago

China to expand reforms to replace business tax with VAT: premier

Chinese Premier Li Keqiang speaks during the Inaugural Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, January 16, 2016. REUTERS/Mark Schiefelbein/Pool - RTX22MPP

BEIJING (Reuters) - China will expand tax reforms to replace a business tax with a value-added tax (VAT) this year, state radio quoted Premier Li Keqiang as saying on Monday.

The step will lead to large-scale tax cuts for companies, Li was quoted as saying.

Reporting by China Monitoring Desk and Kevin Yao; Editing by Richard Borsuk

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