According to recent reports, the Chinese government is planning to reduce the VAT rate on essential goods, agricultural products, publications and utilities from 13% to 11%. The planned cut comes as China looks to simplify compliance and stabilize the economy. The government is also planning other changes to reduce the corporate tax burden and reduce administrative fees.
China's standard VAT rate on goods is 17%, while services are subject to rates of 6%, 11% and 17% depending on type, and a…