October 22, 2019 / 9:48 AM / 21 days ago

China to reduce VAT for regional aircraft manufacturers

BEIJING (Reuters) - China’s finance ministry said on Tuesday it will reduce value-added tax (VAT) for regional aircraft manufacturers and sellers to 5% between Jan. 1, 2019 and Dec. 31, 2020, to promote the development of the sector.

It will return the VAT credit to taxpayers engaged in big aircraft research and manufacturing programs during the same period, the Ministry of Finance said in a statement on its website.

The tax refund policy is also applicable for VAT taxpayers that are engaged in aircraft engine research and manufacturing programs during the period of Jan. 1, 2018 and Dec. 31, 2023, the ministry added.

Reporting by Stella Qiu and Se Young Lee; Editing by Alex Richardson

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