介绍:
China's Finance Minister has announced that business taxes in all industries are going to be replaced by the value-added tax before May.
Starting from May 1, the replacement of the business tax with the VAT is going to be extended to construction, real estate, finance and consumer services.
Business taxes are levied on the gross revenues of a business.
The VAT is a tax levied on the difference between a commodity's price before taxes and its cost of production.
Earlier conversions of the business tax to the VAT have saved businesses around 75 billion U.S. dollars since 2012.
