Three departments issued a document to promote substantial tax cuts for value-added tax

The Ministry of Finance, the State Administration of Taxation and the General Administration of Customs jointly issued the "Notice on Deepening the Policies Related to Value-Added Tax Reform" on the 21st to promote the substantial tax reduction of value-added tax. The VAT rate for importing goods and export tax rebates for general taxpayers shall be reduced, and taxpayers of production and living service industries may be required to add deductible tax deductions, and try to refund the tax refund system at the end of the VAT period. The announcement will be implemented from April 1.