Li keqiang: we will implement a bigger tax cut and cut the value-added tax on manufacturing by 3 percentage points

 The second session of the 13th National People's Congress (NPC) opened at the great hall of the people in Beijing on Monday morning.We will deepen VAT reform, reducing the current VAT rate from 16% to 13% in manufacturing and other industries, and from 10% to 9% in transportation, construction and other industries.We will keep the first tax rate of 6% unchanged, but we will ensure that the tax burden of all industries will be reduced rather than increased by taking supporting measures, such as increasing tax credits for the production and living services industries. We will continue to move forward with a three-tier and two-tier tax rate and a simplified tax system.

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