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Confirmed! China’s 400 Billion Tax Cuts to Start from May 1

March 28, 2018, the current Premier of the State Council of the People’s Republic of China Mr. Li Keqiang announced that China will cut value-added tax (VAT) rates as part of a tax reduction package amounting to 400 billion yuan (about 63 billion U.S. dollars) this year at a State Council executive meeting. China’s tax regime reform will be mainly divided into two parts and implemented from May 1, 2018.