Announcement on VAT Reform

          Recently, the Ministry of Finance, the General Administration of Taxation and the General Administration of Customs jointly issued the Announcement on Deepening the Reform of VAT, and decided to reduce the VAT rate of some industries from April 1. The reduction of VAT includes reducing the original 16% VAT rate to 13% in manufacturing industries and the current 10% tax rate to 9% in transportation, construction and real estate industries, which will have a comprehensive negative impact on the real economy and benefit industries such as coal, steel and non-ferrous metals.