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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

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.

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

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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