China plans to cut highest VAT rate by 3 percentage points | The Daily Star
12:00 AM, March 05, 2019 / LAST MODIFIED: 12:00 AM, March 05, 2019

China plans to cut highest VAT rate by 3 percentage points

China plans to cut the value-added tax (VAT) rate that covers the manufacturing sector by 3 percentage points, Bloomberg reported on Monday, citing a source familiar with the matter. The cut could be announced as soon as this week, the unnamed source was quoted as saying.

Premier Li Keqiang is due to deliver his work report at the annual meeting of parliament starting on Tuesday. In the report, the government will outline its targets for the economy, as well as its policy direction.

China has said it will pursue a more proactive fiscal policy this year as the world's second-largest economy further slows. Policy insiders previously said they expect the government to cut the VAT, which ranges from 6 percent for the services sector to 16 percent for manufacturers.

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