C514 The Consequences of the Tax Reform(2)

"The biggest portion of business taxes comes from value-added tax. The central government takes 75%, leaving only 25% for local governments. There will be adjustments to various taxes in the future, making them more transparent, but we have no room to maneuver."

"Among all taxes, the value-added tax is significant. Regardless, we still get 25% of it. So, we've decided to attract businesses