Fastener Shanghai
fastener
fastenerHomefastener
fastener
fastenerNewsfastener
fastener
fastenerfastenerBuyers' Guidefastener
fastener
fastenerStandard Searchfastener
fastener
fastenerFor Buyersfastener
fastener
fastenerFor Suppliersfastener
fastener
fastenerMagazinefastener
fastener
fastenerTrade Showsfastener
fastener
fastenerMy Officefastener
fastener
fastenerPost Inquiriesfastener
Home->Fastener News->Tax cuts to benefit Made in China 2025 industriesYou are the 448260 visitors
Views:637   |   recommendation:   |   Votes:0   |   Discuss:0
Tax cuts to benefit Made in China 2025 industries

The recently announced tax cut plan for the manufacturing industry will largely benefit the industries related to the Made in China 2025 strategy, according to global accounting firm Ernst & Young.

According to Kenneth Leung, leader of the indirect tax business at Ernst & Young Greater China, companies specializing in equipment manufacturing, research and development and power grids will see their burdens relieved with the retained value-added tax policy.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

"The tax regime reform this time is more than tax reduction. It has introduced more ways such as the retained VAT. It cannot even be imagined two years ago," he said.

China will cut VAT rates this year as part of a tax reduction package amounting to 400 billion yuan ($63.6 billion) to drive high-quality development, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

The tax rate for manufacturing will be lowered from 17 percent to 16 percent. The new rate will take effect May 1.

Source: China Daily

2018/4/14 14:41:00

Previous:    China reports strong digging machine sales in Q1
        Next:    China to phase out share-holding limits for foreign investors in manufacturing sectors

Recent Related News
China's new energy power generation sees faster growth--2018-07-19
China's wider manufacturing opening up benefits world--2018-05-23
China's industrial output expands 7 pct, beating expectations--2018-05-15
China to phase out share-holding limits for foreign investors in manufacturing sectors--2018-04-19
Chinese excavator makers post slower sale growth--2018-03-15
Report: North American Robotics Market Hit $1.9 Billion In 2017--2018-03-05
China to accelerate efforts to become manufacturing powerhouse--2018-03-05
China reports stronger excavator sales in January--2018-02-08
U.S. Manufacturing Expanded At the Fastest Pace in Three Months--2018-02-02
Made in China 2025 roadmap updated--2018-01-29
China adjusts tariff policies for major equipment imports--2018-01-11
China's excavator sales almost double in 2017--2018-01-08

Vote for this news?

fastener(Very Good)
fastener(Good)
fastener(Normal)
fastener(Bad)
fastener(Very Bad)


Discuss
More Discuss...
Your Name: Anonymous

Enter the code shown:fastener5fastener

Fastener Shanghai


China Fastener Directory
Get it FREE!
fastener
Get your CFD at the following shows:

•Manufacturing Expo Thailand, Jun 20-23, 2018, Bangkok, Thailand

•Vietnam Manufacturing Expo, Aug 8-10, Hanoi, Vietnam

•Fastener Shanghai 2018 - Shanghai Fastener & Tech Show, Sept 26-29, 2018, Shanghai, China



Show Room



Offer Product

Latest News
• China's new energy power generation sees faster growth

• Aviation industry growth driven by China

Buyers' Guide
Company News

• Dongtai Huawei Standard Component Corporation Develop New Products, Target on Mid and High-End Markets

• Dongtai Huawei Standard Component Corporation: Develop New Products, Target on Mid and High-End Markets

The Way to Enter Chinese Market
The Way to Enter Chinese Market


fastener