1. The Announcement on Issues Concerning Declarations after Adjusting Value-added Tax will be enacted from June 1, which signals smooth declaration of taxes after the country replace all business tax with value-added tax.

China extended the policy to cover the construction, real estate, finance and consumer services sectors from May 1. They were the last four sectors still taxed based on their revenue.

Guest Xie Ping shows his value-added tax (VAT) invoice offered by Fuzhou Hotel in Fuzhou, East China's Fujian province, May 1, 2016.[Photo/Xinhua]