CHENGDU, Dec. 28 (NBD) -- The replacement of business tax with value-added tax (VAT) will lead to wider tax cuts next year, Wang Jun, Director of the State Administration of Taxation (SAT), said at a media briefing co-hosted by the Ministry of Finance (MoF) and SAT on Tuesday. 

The assertion is based on three factors: first, tax abatement of four industries - construction, real estate, finance, and life service; second, tax cuts arising from taxpayers' real estate purchases in 2016; and third, improved adaptability of businesses to the taxation system.