On March 15, Premier Li Keqiang revealed at a press conference that this year's larger tax cuts will start on April 1st. It can be said that the implementation of the tax reduction policy is faster than expected, for the rubber industry. The business burden of the company will begin to ease in the next month.
According to the Prime Minister, the value-added tax on manufacturing from April 1 will fall from the current 16% tax rate to 13%. From May 1st, the ratio of social security contributions in various regions can be reduced to 16%. For the big manufacturers, the implementation of the two policies can effectively reduce the financial burden of enterprises.