China’s vice-FinMIn: Value-added tax reform will support the economy and structural adjustment

Chinese vice finance minister Shi Yaobin was on the wires via Reuters, noting the following:

Value-added tax reform will support the economy and structural adjustment

China will replace a business tax with a value-added tax in its construction, property and financial services sectors, effective from May 1, and the country hopes to cut taxes by 500 billion yuan in 2016