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China to expand VAT reform to more firms-vice premier
Oct 22nd 2012, 06:28

BEIJING, Oct 22 (Reuters) - China will expand its value-added tax reform to more industries including telecommunications, railways and construction and make it nationwide, Vice Premier Li Keqiang was quoted as saying by the official Xinhua news agency. Li, widely regarded as China's premier-in-waiting, made the remarks at a recent conference, Xinhua said. The government, which has been working to revamp its outmoded tax regime and help reduce costs for business, launched a trial tax reform in Shanghai a year ago to replace a business tax with a value-added tax for firms in the transportation and service industries. China's cabinet said in July that the scheme was set to expand to more cities...

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