China's new policy on VAT reduction comes into effect

A staff (R) explains to a taxpayer about a new policy on VAT reduction at a local tax bureau in Fengze District of Quanzhou, southeast China's Fujian Province, April 1, 2019. Starting on April 1, companies that are subject to the 16-percent VAT rate on their taxable sales or imported goods will enjoy a 13-percent VAT rate, while those who are subject to the 10-percent VAT rate will only need to pay 9 percent, reads a Ministry of Finance statement. (Xinhua/Song Weiwei)