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China is likely to expand a pilot reform to replace business tax with value-added tax (VAT) to the construction, real estate, finance, and living services sectors, a media report said Saturday.
The VAT rate for the construction and real estate sectors will be set at 11 percent, and the rate for the finance, insurance and life services sectors will be set at 6 percent, the Economic Observer newspaper reported Saturday, and said detailed plans will be published in May.
Life services refer to services that meet people's daily living needs, such as dining, accommodation and hairdressing services.
The VAT reform, which aims to reduce companies' tax burdens and curb double taxation, reduced taxes of 191.8 billion yuan ($30.9 billion) in 2014, official data showed.
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