Chinese Premier Li Keqiang delivers a government work report at the opening meeting of the second session of the 13th National People’s Congress at the Great Hall of the People in Beijing,capital of China,March 5,2019
“We will introduce both general-benefit and structural tax cuts, focusing primarily on reducing tax burdens on the manufacturing sector and on small and micro businesses,” Li said.
China will reduce the current value-added tax rate of 16 percent for manufacturing and other industries to 13 percent, and lower the rate for such industries as transportation and construction from 10 percent to 9 percent.
This is a good news for us,Hebei Haihao Group.One of leading manufacturers of pipe fittings and flanges from 1982 year,located in Mengcun,Hebei Province.Material carbon steel,stainless steel and alloy steel.
Make it simple,Tax rate of 16% was reduced to 13%,make our product price much lower,for example,before cost price 1$,sales price at least 1.16$,but now sales price could be 1.13$,price reduced at least 2.59%,adding lower the tax rate of 10% for transportation to 9% now. Making sales price more and more lower.
Hebei Haihao Group will focus more latest laws,reducing pipeline product prices for customers and winning the development for enterprises.