| BEIJING, March 20 (Xinhua) -- China will implement a slew of measures to cut the value-added tax (VAT) rates, making sure that tax burdens on all industries will only go down, not up, the State Council's executive meeting presided over by Premier Li Keqiang decided on Wednesday.
The Government Work Report this year set out the plan for larger-scale tax cuts, including lowering the VAT rate in manufacturing and other industries from 16 to 13 percent, and the VAT rate in transportation, construction and other industries from 10 to 9 percent. A host of concrete measures were decided upon at the Wednesday meeting to achieve such targets, which will be enacted since April 1. Input VAT eligible for deduction will be expanded and will cover passenger transportation services. Tax payers will be able to get their input tax on real estate payments deducted in full on a one-time basis, instead of on two occasions in two years. Taxpayers whose main businesses are postal services, telecommunications, modern services and consumer services shall enjoy 10 percent additional input VAT deduction before the end of 2021. Increase in the overpaid VAT following this round of tax cuts will be refunded through due procedures. "The planned VAT cuts must be delivered in no time. Its implementation must be closely monitored to ensure that tax burdens are meaningfully reduced in the major industries and lowered to various extents in some industries. All industries will see their taxes go down, not up," Li said. | 
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