Which Industries Are Most Benefiting, After The VAT Rate Has Dropped To 13%?

- Apr 17, 2019-

The "Government Work Report" of 2019 proposes to deepen the VAT reform and reduce the current 16% tax rate in industries such as manufacturing to 13%." In this year, China will implement a tax reduction of nearly 2 trillion yuan, and manufacturing will become The biggest beneficiary of the VAT reform, this tax cut will also increase the burden on the manufacturing industry, enhance the efficiency, vitality and innovation of the enterprise, and provide the driving force for the transformation and upgrading of the manufacturing industry. At the same time, reduce the VAT rate on April 1. The day was officially implemented.

It is understood that the manufacturing industries that benefit from the VAT tax reduction are mainly: mechanical equipment (transport equipment, metal products), chemicals (petrochemical, chemical raw materials, plastics, rubber), automobiles (automobile services, automobile vehicles, Other delivery equipment), non-ferrous metals (rare metals, industrial metals, gold), household appliances (white goods, audio-visual equipment), building materials (glass manufacturing, cement manufacturing). The following are the “good” that companies and users expect in this wave of tax reduction in various manufacturing industries.

Manufacturing industries

It can be seen that in this decline in the VAT rate, many manufacturing industries are undoubtedly getting a lot of “preferential”, which is an exciting policy for the development of the industry, enterprises and users.