The current seven tax brackets will be cut to five, and some rates will be raised according to international common practice, said a statement released after the conference.
Effective from Nov. 1, the 15-percent bracket and part of the 13-percent bracket will be lifted to 16 percent. The 9 percent notch will be adjusted to 10 percent or 13 percent, and the 5 percent tier to 6 or 10 percent.
However, high energy consumption and seriously polluting goods as well as those involved in industrial capacity cuts will see export rebate rates unchanged.
The government expects the policy to facilitate supply-side structural reform, ease burdens on the real economy, and stabilize foreign trade growth amid complicated global circumstances.
Tax refund procedures will also be simplified, with the year-end goal of shortening the average time needed from 13 work days to 10. Businesses with a good record will see an even faster and easier process.
Paperless applications will be promoted, and service businesses will be encouraged to help tax refunds for small and medium-sized enterprises.
