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Change of business tax to value-added tax to launch in May

2016-January-27       Source: Newsgd.com

Guangdong is expected to start the change from business tax to value-added tax in transportation industry and some modern service industry in May of 2016, Zeng Zhiquan, Director General of the Department of Finance of Guangdong revealed on January 26th.

Zeng Zhiquan, Director General of the Department of Finance of Guangdong.

Guangdong is expected to start the change from business tax to value-added tax in transportation industry and some modern service industry in May of 2016, Zeng Zhiquan, Director General of the Department of Finance of Guangdong revealed on January 26th.

It was in the first press conference of the under-going 4th Session of 12th Guangdong Provincial People's Congress.

When introducing his plan in 2016, Zeng Zhiquan said that a series of combined policies are expected to issue, which will help enterprises reduce their cost by 5% to 8% compared with 2014. The move will an important role in structural reform of the supply front.

Zeng introduced that it is estimated that enterprises can save 100 to 120 billion RMB annually due to the change from business tax to value-added tax. At the same time, VAT rate will decrease at a proper range, which will help enterprises save about 25 million RMB. In all, enterprises can save more than 30 billion RMB of costs when a series of preferential tax policies proposed by Central Government take effect.

Regarding to the problem of government debt risk, Zeng emphasized that the risk is controllable with total government debt of 914.1 billion RMB and 59.4% ratio in 2015. The number was identified far lower than the international standard as well as the national average level.

(by Nan, Wendy, Iris)

Editor: Will

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