According to a Chinese government release, China's State Council adopted a decision during its 28 March 2018 meeting to implement certain value added tax (VAT) reforms with effect from 1 May 2018. These include:
- A reduction of the 17% VAT rate to 16% for the manufacturing industry and other industries, and a reduction of the 11% VAT rate to 10% for transportation, construction, basic telecommunication services, and other goods and agricultural products;
- An increase in the annual sales thres…