April 19, 2017 / 10:50 AM / 4 months ago

China's cabinet says it will put forward more measures to cut tax

FILE PHOTO - 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013.Jason Lee/File Photo

BEIJING (Reuters) - China will put forward more measures to cut tax in an effort to lower cost for the real economy, according to a transcript of a cabinet meeting led by Chinese Premier Li Keqiang.

The government will simplify the value-added tax rate system and cut value-added tax for agricultural products, natural gas to 11 percent from 13 percent, effective from July 1, 2017, according to the transcript posted on the microblog of the central government of China.

The cabinet also said the government will widen income tax benefits for small firms and it expects to further cut the tax burden by more than 380 billion yuan ($55.2 billion) in 2017.

($1 = 6.8852 Chinese yuan)

Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong

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