Starting next month, China's massive reduction of value-added tax will take effect, with manufacturing sector VAT dropping by 3% from the current 16%, to lower burdens on enterprises and boost the economy.
The move was first announced by Premier Li Keqiang in his Government Work Report to National People's Congress deputies when the annual session of the top legislature kicked off on March 5. It is expected to cut 2 trillion yuan (US$297 billion) in taxes for more than 30 million enterprises in China.
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