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Reforming taxes to redistribute income
Source: Xinhua |
February 20, 2013, Wednesday
|
Print Edition
Print Edition
CHINA will actively explore tax reforms related to personal income, property and social security in order to adjust the way income is allocated, a senior official of the Ministry of Finance has said.
The government must actively study taxes as a means of redistributing income, as the country's widening income gap has not changed fundamentally, said Jia Chen, head of the ministry's department of tax policies.
Jia said the government has to improve the personal income tax system, particularly by raising taxes on the wealthy. He also said right adjustments will be made on which items are subject to consumption taxes and how much those taxes will be.
Property taxes for housing will be gradually expanded from Shanghai and Chongqing to other Chinese cities, Jia said, adding that China will also strengthen property tax reforms related to enterprise-owned property.
Jia also proposed levying social security taxes to establish a sound mechanism for funding social welfare.
The government unveiled guidelines to reform its income distribution mechanism earlier this month amid growing public concern over the widening wealth gap.
The document offers directions on an extensive range of policy areas, such as taxation, subsidies, the salary system, financial regulation, household registration and social security.
The government must actively study taxes as a means of redistributing income, as the country's widening income gap has not changed fundamentally, said Jia Chen, head of the ministry's department of tax policies.
Jia said the government has to improve the personal income tax system, particularly by raising taxes on the wealthy. He also said right adjustments will be made on which items are subject to consumption taxes and how much those taxes will be.
Property taxes for housing will be gradually expanded from Shanghai and Chongqing to other Chinese cities, Jia said, adding that China will also strengthen property tax reforms related to enterprise-owned property.
Jia also proposed levying social security taxes to establish a sound mechanism for funding social welfare.
The government unveiled guidelines to reform its income distribution mechanism earlier this month amid growing public concern over the widening wealth gap.
The document offers directions on an extensive range of policy areas, such as taxation, subsidies, the salary system, financial regulation, household registration and social security.
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