The story appears on

Page A8

February 22, 2017

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Finance

Study on tax reporting mechanism

SHANGHAI will conduct a study on setting up a new reporting system for individual income tax and cut costs for companies in its reform of fiscal and tax policies, government officials said yesterday.

The city’s tax authority aims for a comprehensive tax reporting mechanism this year to propel a change in the individual income tax system, said Guo Jianfei, chief of the Shanghai State Tax Bureau and the Shanghai Local Tax Bureau.

Shanghai’s proposal seeks to back China’s long-term mission of creating a comprehensive individual income tax system to allow for bigger pre-tax deductions.

Interest on mortgages for a first home and education fees were expected to be included in the new pre-tax deductions, experts have said.

Shanghai will also be proactive in lowering the tax burden for middle-income workers, said Song Yijia, head of the city’s finance bureau.

The city will also continue to cut tax and administrative fees for companies to promote innovation and industrial reforms, authorities said.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend