Govt seeks opinions on sales tax law
Print Edition
China unveiled a draft document on a consumption tax law and began seeking public opinion on Tuesday ahead of upcoming formal legislation to replace current regulations.
Given that conditions have matured for legislation, the move is conducive to building a modern fiscal system commensurate with a socialist market economy, further opening-up, and advancing modernization of China's system and capacity for governance, the Ministry of Finance and State Taxation Administration said in a statement on its website.
The draft maintains the current tax framework and levels, and the tax rate on tobacco and alcohol remains unchanged.
It makes clear the 10 deduction policies for the purchase of taxable consumer goods, covering cigarettes, fireworks, golf balls and clubs, disposable wooden chopsticks, solid wood floors, refined oil, beer, wine, and high-class cosmetics.
Regulations for the management of deducting vouchers are also mentioned in the draft.
Baijiu will be taxed at 20 percent plus 0.5 yuan (7 cent) per 500 grams (or 500 milliliters) at the production or import level. Gold and silver jewelry, platinum jewelry, diamonds and diamond jewelry are taxed at 5 percent at the retail. Passenger cars will be taxed 1-40 percent, based on engine capacity.
The State Council may also provide for certain exemptions or reductions regarding the consumption tax.
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