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Vice-Finance Minister Shi Yaobin said that China will simplify value-added tax (VAT) rates in the future to ease company tax burdens.


"The current VAT tax system has too many tiers and may confuse policy implementation and impede fair competition," Shi said during a news conference, promising to make tax rates easier to follow.


VAT rates have four levels, ranging from 6% to 17%. Shi did not provide a timetable or other details of the changes.


The VAT system was rolled out nationwide in May, in place of business tax. By the end of October, 96.5 billion yuan had been saved for businesses.


Taking into account other tax reductions, the government expects a total of more than 500 billion yuan be saved this year.


China will continue to improve its VAT system by pushing forward the VAT legislation at a proper time, he said.


来自:VOA英语网 文章地址: http://www.tingvoa.com/html/20170105/423020.html