This paper，in the classical newsvendor framework，investigates the impact of replacing the business tax (BT) with the value-added tax (VTA) on equilibrium financing in a capital-constrained supply chain，where there are one productive servicer and one capital-constrained manufacturer．The manufacturer may borrow credit from a competitive bank market or from the productive servicer．When only one credit type is available under the VAT system，the manufacturer’s optimal order quantity will increase in the case of bank credit and the productive servicer can get more profit in the case of trade credit． When both bank and trade credits are available，the unique equilibrium financing is bank credit (trade credit) if the risk-free interest rate is relatively low and the service cost is relatively high (low) but is always trade credit if the risk-free interest rate is relatively high． Numerical studies show that the supply chain efficiency under the VAT system is higher than that under the BT system．Consequently，replacing BT with VAT is beneficial to the development of productive services sector and improvement of supply chain efficiency，which supports the rationality of this reform in some sense．