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The Value Added Tax Rate Is Reduced By 1%, Which Promotes The Transformation And Upgrading Of China's LED Manufacturing Industry.
- Apr 09, 2018 -

In March 28th, the Executive Council of the State Council decided to deepen the measures of VAT reform. The conference decided that from May 1st, the value-added tax rate of manufacturing industry decreased from 17% to 16%. The value-added tax rate of transportation and basic telecommunications will be reduced from 11% to 10%. The taxpayer's annual sales standard is raised from 50 and 800 thousand to 5 million yuan. Therefore, it is a gospel for the LED manufacturing industry to suggest that the decision to reduce the first major tax rate, the VAT tax rate, enhance the strength of our manufacturing enterprises and promote the transformation of the real economy to the State Council. The value added tax decreased from 17% to 16%, which reduced some tax costs and reduced the burden of corporate tax burden accordingly.