BEIJING, April 17 (Xinhua)
-- China is preparing to extend
value-added tax (VAT) reforms to the
rail transportation, postal and
telecommunications sectors.
A related
plan is likely to come out at
the end of this year or early
next year, Minister of Finance Lou
Jiwei and head of the State
Administration of Taxation Wang Jun
said in an interview
Tuesday.
In an effort to
avoid double taxation on businesses,
the government introduced a pilot plan
that replaces the business tax with
a value-added duty that is charged
only on the added value of each
link in the production
chain.
By the end of
February, the plan had eased taxes
by more than 55 billion yuan (8.8
billion U.S. dollars) for businesses
in nine regions that are experimenting
with the new practice, while small
taxpayers there saw an average cut
of 40 percent, Wang said.
（Editor：HuangJin、Gao
Yinan）
