Singapore — China said on Friday that it would implement value-added tax cuts from April 1, as Beijing makes an effort to give a boost to the economy by lowering the cost burden and by stimulating sales.
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"The VAT cut will start from April 1. We don't see another better way for enterprises to benefit fairly and effectively," Prime Minister Li Keqiang said during a press conference.
The government will cut the VAT rate for various sectors, including manufacturing, to 13%, from 16%. VAT for sectors, including transportation and construction, will be cut from 10% to 9%, Li had said on March 5 during the annual meeting of parliament.
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