Taxpayers whose main business is postal services, telecom

postal services, telecommunications, modern services or consu

mer services will receive 10 percent additional input VAT deduction before the end of 2021.

An increase in the overpaid VAT following this round of tax cuts will be refunded.

“The planned VAT cuts must be delivered as soon as possible,” Li said.

“Their implementation must be closely monitored to ensure that tax burdens are meaningfully reduced

in the major industries and lowered to various extents in some industries. All industries will see their taxes go down, not up.

“In case of an increased tax burden due to inadequate deducti

ons in certain individual industries, the government will work out targeted solutions,” he added.

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