VAT reform lowers taxes

China's value-added tax (VAT) reform has so far resulted in a tax reduction of 267.9 billion yuan ($43.56 billion) for businesses, the State Administration of Taxation said on Thursday.

The country's VAT reform was implemented as part of the Chinese government's taxation cuts.

The reform has included replacing turnover tax with a VAT in the transportation industry, railway transport, postal services, telecommunications and some service sectors.

The widening VAT reform has helped ease tax burdens for over 96 percent of affected taxpayers, according to the administration.