The tax rate is expected to decrease by 240 billion yuan in the whole year.
A few days ago, the Ministry of Finance website issued a notice of the adjustment of VAT tax rate to show that the tax rate of the taxpayer should be taxable or imported goods, the original 17% and 11% tax rates were applied, the tax rate was adjusted to 16%, 10%, and the taxpayers bought the agricultural products, the rate of deduction was 11%, the deduction rate was adjusted to 10%, and the taxpayers bought for the production sales. The agricultural products which are sold or commissioned to process 16% tax rates are calculated in accordance with the 12% deduction rate; the export rebate rate of the original 17% tax rate and the export tax rebate rate is 17%, and the export tax rebate rate is adjusted to 16%. The export tax rebate rate will be adjusted to 10% when the original 11% tax rate and export tax rebate rate is 11%, and the export tax rebate rate will be adjusted from May 1, 2018. The standing meeting of the State Council decided that, from May 1, 2018, three measures to deepen the VAT reform measures should be implemented, such as the proper reduction of the tax rate, the unification of the standard of small scale VAT taxpayers and the amount of tax return on the return of some enterprises. The tax burden of the market will be reduced by more than 400 billion yuan in the year. Among them, the value-added tax rate of industry and other industries has been reduced from 17% to 16%, and the tax rate of value-added tax on transportation, construction, basic telecommunications services and other industries and agricultural products has been reduced from 11% to 10%, and it is expected to reduce the tax rate by 240 billion yuan for the whole year.
This new policy is a very good news for aluminum industry.
We could directly calculate this deduction to our customer.