Bloomberg News

China Adds Two Additional Lower-Rate Value-Added Tax Categories

November 02, 2011

Oct. 26 (Bloomberg) -- China will add two additional lower- rate value-added tax categories in Shanghai’s transportation and some service industries next year as part of a trial taxation reform plan, according to a statement posted on the central government’s website after a meeting chaired by Premier Wen Jiabao.

The two new VAT rates will be 11 percent and 6 percent, the statement said, without elaborating. The rates will be in addition to existing VAT brackets of 17 percent and 13 percent. China may expand the trial nationwide, the statement said.

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net


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