Via Reuters, a couple of items on China
China's vice finance minister Shi Yaobin said the 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
Also ...
China will step up its crackdown on underground banks this year
- Zhang Shenghui, head of SAFE's (the State Administration of Foreign Exchange) inspection division "will continue to work with the public security bureau and other departments to focus on cracking down on underground banks, to intimidate people who use underground banks, to block channels for underground bank transactions"
