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.
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