China's latest Value Added Tax cuts have slashed more than 110 billion yuan, or 16 billion US dollars worth of taxes in the first month of new VAT policies which took effect April 1st. China's tax authority says the manufacturing sector remains the biggest beneficiary, accounting for some 40 percent of the reductions. The VAT rate for Chinese manufacturers has dropped from 16 to 13 percent.  Apart from VAT reform, business taxes for small and micro enterprises have also been largely reduced starting this year. China is now launching a fresh round of tax reforms both for businesses and individuals. Briefing the media, authorities say a total of 500 billion yuan worth of taxes have been cut nationwide in the first four months of the year.