$73b targeted for VAT relief in 2016

The goal for China's ongoing nationwide value-added tax reform is to reduce the tax burden for enterprises by 500 billion yuan ($73 billion) by the end of this year.

The amount was announced on Tuesday at a State Council executive meeting presided over by Premier Li Keqiang, who heard a report on the progress of the VAT expansion.

The VAT reform, which is designed to reduce the tax burden for service industries and boost industrial upgrading and innovation, has extended China's value-added tax since May to the construction, real estate, finance and consumer services sectors