China’s biggest tax overhaul in over two decades came into effect on Sunday, with value-added tax (VAT) replacing the country’s revenue-based tax scheme. China first began VAT trials as early as in 1979 and started applying it to specific economic sectors in 2012. The final four sectors to adopt VAT scheme as of May 1 are construction, property, finance and services –all major pillars of the Chinese economy. CCTVNEWS takes a look at the effects of China’s tax reforms.
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