Chinese tax systems will continue to be reformed
Print Edition
Tax systems covering business turnover, consumption, resources and property will continue to be reformed to promote economic development, China’s Finance Minister Lou Jiwei said yesterday.
The country will widen its pilot scheme of replacing turnover tax with value-added tax to sectors including railway transport, postal services and telecommunications, Lou said.
The trials, which started in January last year, have benefited 1.34 million enterprises and helped save businesses 50 billion yuan (US$8.1 billion) in the first half of 2013 in 12 provinces and municipalities. VAT refers to a tax levied on the difference between a commodity’s price before taxes and its cost of production, while turnover tax refers to a levy on a business’ gross revenues.
China will also levy consumption tax on goods that could cause severe environmental pollution and over-exploitation of resources. The tax will also be applicable to more luxury goods, Lou said.
The government is also mulling whether to expand property tax trials in Shanghai and Chongqing, Lou said.
The tax trials are part of China’s efforts to cool its property market on public concerns over runaway housing prices.
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