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Positive gains from tax cut reform
Source: Xinhua |
November 27, 2012, Tuesday
|
Print Edition
Print Edition
CHINA'S new round of structural tax cutting may benefit over 900,000 enterprises nationwide, according to a working conference held in Nanjing yesterday to discuss replacing a business tax with a value-added tax.
About 710,000 enterprises are covered by the tax-cutting program, and another 200,000 will be included from Saturday, according to the meeting jointly held by the Ministry of Finance and the State Administration of Taxation.
Shanghai piloted the program on January 1 in an effort to reduce the overall tax burden and boost the transport and service sectors.
The pilot was then expanded to provincial regions including Beijing, Guangdong and Zhejiang.
Hubei Province and Tianjin will join the program from next month as previously agreed.
The preparations are progressing well, and the performances of the pilot programs have exceeded previous expectations, said representatives at the conference.
The reform has effectively promoted the growth of tertiary industry, especially the service sector, and encouraged the development of small and micro-sized companies, according to representative at the meeting.
In Shanghai, the tax reduction has helped cut enterprises' tax burden by 22.5 billion yuan (US$3.57 billion) in the first 10 months of this year, while in Beijing, the new measure has trimmed tax revenue by 2.5 billion yuan in two months.
At the meeting, Vice Finance Minister Wang Jun urged that work be continued to ensure full success of the pilot programs, following the development blueprint that was previously mapped out.
About 710,000 enterprises are covered by the tax-cutting program, and another 200,000 will be included from Saturday, according to the meeting jointly held by the Ministry of Finance and the State Administration of Taxation.
Shanghai piloted the program on January 1 in an effort to reduce the overall tax burden and boost the transport and service sectors.
The pilot was then expanded to provincial regions including Beijing, Guangdong and Zhejiang.
Hubei Province and Tianjin will join the program from next month as previously agreed.
The preparations are progressing well, and the performances of the pilot programs have exceeded previous expectations, said representatives at the conference.
The reform has effectively promoted the growth of tertiary industry, especially the service sector, and encouraged the development of small and micro-sized companies, according to representative at the meeting.
In Shanghai, the tax reduction has helped cut enterprises' tax burden by 22.5 billion yuan (US$3.57 billion) in the first 10 months of this year, while in Beijing, the new measure has trimmed tax revenue by 2.5 billion yuan in two months.
At the meeting, Vice Finance Minister Wang Jun urged that work be continued to ensure full success of the pilot programs, following the development blueprint that was previously mapped out.
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