China to cut value-added tax on Apr 1-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Market commentary
  • Copper scrap
  • Copper
  • Aluminium
  • Nickel
  • Steel
  • price
  • Nickel sulphate
  • Futures movement
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Evening comments
  • Inventory data
  • gold price

China to cut value-added tax on Apr 1

Industry News 11:22:35AM Mar 15, 2019 Source:SMM

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%.

Key Words:  Market commentary 

China to cut value-added tax on Apr 1

Industry News 11:22:35AM Mar 15, 2019 Source:SMM

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%.

Key Words:  Market commentary