On 5 March 2018, Chinese Premier Li Keqiang presented the 2018 government work report during the 13th National People’s Congress, which includes a number of planned tax reforms. The main measures are meant to reduce the tax burden on enterprises and include:
- The consolidation of the value added tax (VAT) rates from the current three rates (17%, 11%, and 6%) to two rates with the primary purpose of reducing the tax burden on the manufacturing and transportation sectors;
- An increase in the i…