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Reform kicks off nationwide to replace business tax with VAT

Updated: May 1,2016 2:30 PM     english.gov.cn

A resident shows a value-added tax (VAT) invoice he received from a restaurant in Beijing on May 1. This is the first VAT invoice issued in China since the reform was introduced nationwide on May 1 to replace the business tax with a VAT. VAT reform, which decreases tax burdens on enterprises, is one of the central government’s efforts to boost vitality among enterprises and add impetus to the economy while many industries and enterprises face difficult times. Under the reform, tax deductions this year alone are expected to exceed 500 billion yuan, the highest number since 2013.[Photo/Xinhua]

A staff member at a hotel in Fuzhou, East China’s Fujian province, prints a VAT invoice for a customer on May 1, 2016.Photo/Xinhua

A customer receives a VAT invoice from a staff member at a hotel in Jinan, East China’s Shandong province, on May 1, 2016.Photo/Xinhua

An employee of a tax office in Nanchang, East China’s Jiangxi province, shows a construction industry invoice on May 1, 2016.Photo/Xinhua

A staffer at a hotel in Shijiazhuang, North China’s Hebei province, makes out a VAT invoice for a customer on May 1, 2016.Photo/Xinhua

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