China's "Business Tax to VAT Pilot Program" (营改增) officially kicked off on January 1, 2012. This reform aimed to reduce double taxation and optimize the tax structure. Initially launched in Shanghai, it gradually expanded to other sectors like transportation and modern services. By 2016, the program was fully implemented across the country, covering construction, finance, real estate, and life services. The reform significantly reduced the tax burden for enterprises 💼 and promoted economic development. For example, companies could now deduct input VAT, making the tax system fairer and more efficient. As of 2023, this policy continues to play a crucial role in China's economic landscape, ensuring sustainable growth while supporting businesses nationwide. TaxReform EconomicGrowth