中国将在医护养老领域进行增值税改革
China is set to replace turnover tax with value-added tax in medical-care and old-age care fields in a bid to boost consumption.
中国将在医疗护理与养老事业领域用增值税取代营业税以刺激消费。
VAT is tax levied on the difference between the cost of production and the price of a commodity on the market.
It is favored partly because it can reduce double taxation.
The move aims to further simplify policies on pre-tax deduction of enterprise income tax in order to ease corporate tax burden.
The timetable for implementation has not been announced at this point.
The government document also pledges to improve consumer subsidy policies via promoting a shift in subsidizing sellers to subsidizing consumers.