March 5, 2019 / 12:56 AM / 3 months ago

China to cut value-added tax rate for manufacturing, construction sectors

BEIJING, March 5 (Reuters) - China will cut taxes and fees for all companies by nearly 2 trillion yuan ($298.31 billion) in 2019, with the manufacturing, transportation and construction sectors set to benefit as Beijing looks to stimulate a slowing economy.

China will cut the rate of value-added tax (VAT) for manufacturers to 13 percent in 2019, from the current level of 16 percent, according to a budget report issued at the opening of the country’s annual meeting of parliament on Tuesday.

The VAT rate for transportation and construction sectors will also be reduced to 9 percent from 10 percent, it said.

Purchasing taxes for new energy vehicles will continue to be exempted, with authorities looking to “adjust and improve” their subsidy policies, the ministry said. ($1 = 6.7045 Chinese yuan) (Reporting by Zhang Min and Lusha Zhang; Writing by Yawen Chen; Editing by Sam Holmes)

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