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营改增 ying(
2
) gai(
3
) zeng(
1

neutral | Very Popular

replace business tax with value added tax

The term ying gai zeng is an abbreviation for China’s tax reform to replace business tax with value-added tax. Ying stands for ying ye shui (business tax), while zeng stands for zeng zhi shui (value-added tax). Premier Li Keqiang announced that China would replace its business tax with a value-added tax in all sectors in a bid to streamline tax structures and reduce the tax burden in a government work report during the opening meeting of the fourth session of the 12th National People’s Congress on March 5. A pilot program was launched in South China’s Guangdong Province in 2012 从五月一日起,营改增试点范围扩大到建筑业、房地产业、金融业、生活服务业。 Cóng wǔ yuè yī rì qǐ, yíng gǎi zēng shì diǎn fàn wéi kuò dà dào jiàn zhù yè, fáng dì chǎn yè, jīn róng yè, shēng huó fú wù yè. From May 1st onwards, the replacement of business tax with VAT has been extended to such industries as construction, real estate, finance and consumer services.

Added on Aug 4, 2016 | Last updated on Aug 4, 2016 | 599 Buzzes


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