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VAT, tourism and farming among issues addressed

Hu Yongqi
Updated: Apr 10,2018 7:16 AM     China Daily

VAT to be lowered in key areas

Value-added tax on sales will be lowered to 16 percent from 17 percent, with 10 percent VAT to be paid by importers, said a notice released by the Ministry of Finance and the State Administration of Taxation.

VAT will be deducted at 10 percent for buyers of agricultural goods, from the previous 11 percent, the departments said. The notice will take effect on May 1.

Agriculture to reap more funds

More fiscal funds will be allocated into the agriculture sector as part of preferential policies to boost the sector and improve livelihoods in rural areas, said the Ministry of Agriculture and Rural Affairs and the Ministry of Finance.

A total of 37 measures were released by the two ministries, including subsidies to farmers and other moves to support business startups, industrial integration and the promotion of green and efficient technologies.

Subsidies will be given to farmers growing corn and soybeans in Liaoning, Jilin and Heilongjiang provinces and the Inner Mongolia autonomous region. Provincial-level governments will decide on the specifics of where and how to subsidize farmers, the ministries said. However, soybean growers will enjoy higher subsidies than those cultivating corn.

To protect the interests of farmers, rice growers in major producing provinces will also be subsidized. Funds allocated by the central government will be distributed by provincial governments, the ministries said.

A system of professional, expert farmers will be established, focusing on agricultural entrepreneurs, young owners of modern farms, professional management, and key groups in poverty alleviation, the two ministries said. About 1 million farmers will be trained in professional techniques.

Surge in festival travel

During the Tomb Sweeping Festival holiday, 101 million trips were made by travelers, an increase of 8.3 percent from the same period last year, according to figures released by the Ministry of Culture and Tourism.

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