China Says to Expand Reforms, Replace Business Tax with VAT
China will expand tax reforms to replace a business tax with a value-added tax (VAT) this year, state radio quoted Premier Li Keqiang as saying, in the latest step to bolster slowing growth. Top leaders have already pledged to cut taxes and expand the government budget deficit this year to support economic growth, which slowed to its lowest level in 25 years in 2015.
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