China to cut value-added tax on Apr 1

Published: Mar 15, 2019 11:22

Save

VAT will be cut from the current 16% to 13%

SHANGHAI, Mar 15 (SMM) – China will cut value-added tax (VAT) on April 1 and lower social security fees on May 1, said Premier Li Keqiang in a news conference after the annual session of the National People's Congress (NPC) on Friday March 15.

He said China needs further tax cuts and other strong measures to cope with downward pressure on the economy.

On Tuesday March 5, Premier Li Keqiang said in his government work report that China will cut the VAT for the manufacturing sector by 3 percentage points to 13%. The VAT for transport and construction will also be cut from 10% to 9%.

Market commentary

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

Gold: Iran War Only a Pause in the Upward Trend

The current development of the gold price continues to cause frustration for many investors. Despite the ongoing uncertainty in the Middle East and the war involving the USA and Israel against Iran, gold has so far failed to gain lasting new momentum from these events.

2 hours ago

After the Decline: Is Gold Now Presenting an Attractive Entry Opportunity?

The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.

2 hours ago

Gold in a state of emergency: dollar up, oil up – and Russia turns off the tap

In principle, the basic rule of the stock market is: when the US dollar rises, commodities and gold immediately come under pressure. But today everything is different. For the first time in weeks, we are seeing a rare trio at the top: gold, crude oil and the US Dollar Index are rising at the same time.

2 hours ago