China's new policy on VAT reduction comes into effect

(A staff (back) offers service to a taxpayer at a tax bureau in Kaili of Qiandongnan Miao and Dong Autonomous Prefecture, southwest China's Guizhou Province, April 1, 2019. Starting on April 1, companies that are subject to the 16-percent VAT rate on their taxable sales or imported goods will enjoy a 13-percent VAT rate, while those who are subject to the 10-percent VAT rate will only need to pay 9 percent, reads a Ministry of Finance statement. (Xinhua)