On 19 April 2017, the Chinese government announced that the State Council has approved a series of measures to reduce the tax burden and support economic growth. The main measures include:
- Eliminating the 13% VAT rate by reducing the rate to 11% for agricultural products, natural gas, and other supplies currently subject to 13% rate from 1 July 2017 (remaining standard rates will be 17%, 11%, and 6%);
- Increasing the taxable income threshold for the reduced 20% corporate tax rate for small b…