日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China 'cracks hard nut' with new tax reform

Xinhua | Updated: 2019-10-12 10:06
Share
Share - WeChat
A staff member (right) explains to a taxpayer about a new policy on VAT reduction at a local tax bureau in Fengze district of Quanzhou, Southeast China's Fujian province, April 1, 2019. [Photo/Xinhua]

BEIJING - China is pushing forward reforms on the fiscal powers of central and local governments with a high-stake action plan on some of the country's most important taxes.

The State Council, the cabinet, has released a guideline to establish a fiscal relationship between the central and local governments built upon clearly defined powers and responsibilities, appropriate financial resource allocation and greater balance between regions.

The document clarified that the country will maintain the equal split of value-added tax (VAT) revenues between the central and local governments to stabilize expectations and encourage local governments to develop competitive industries and expand tax sources.

China's tax revenues can be divided into three categories: central tax, local tax and tax shared between the central and local governments. VAT accounts for the majority of shared tax revenues.

In 2016, the country implemented a comprehensive reform in replacing the business tax, a mainstay of local tax revenues, with VAT in a bid to ease the tax burden on companies. The reform also replaced the 75-percent-to-25-percent split of VAT revenues with an equal share between the central and local governments for a transition period of up to three years.

The new guideline has extended the equal revenue distribution scheme and improved the refund sharing mechanism for excess VAT paid to alleviate local government's fiscal pressure.

The VAT a firm must pay is its output tax minus the input tax. When the taxpayer's output tax is insufficient to cover its input tax, the difference between the two is called excess tax paid. The excess part can be used by a firm to offset taxes in the next taxable period. Companies in some sectors including equipment manufacturing are now allowed to get refunds to buoy cash flow.

Under the previous refund sharing mechanism local governments had to pay half of the refund. Now required to pay 15 percent first and then the remaining 35 percent based on its share of the previous year's VAT revenue.

"Implementing a larger scale of tax and fee reductions is key to cope with the downward economic pressure, and adjusting the division of revenue between the central and local governments is an important guarantee," said Bai Jingming, vice-president of the Chinese Academy of Fiscal Sciences.

The guideline came at a time when the growth of local fiscal revenue has slowed down significantly, while the pressure on local governments to maintain steady growth has not abated, Bai said.

China is implementing the largest tax and fee cut of recent years, saving enterprises and individuals nearly 1.35 trillion yuan ($189 billion) in the first seven months of this year. As a tradeoff, governments at all levels are told to "tighten their belts."

Bai said the reform measures can effectively relieve the revenue pressure of local governments, especially those with financial difficulties, and ensure the steady progress of tax reduction and fee reduction policies.

The country also plans to shift the collection of consumption tax to the point of sales from the production and import stage, which will in effect boost local governments' revenue and offer them the incentives to create pro-consumption environments.

The consumption tax, one of the central taxes, amounted to some 1.06 trillion yuan last year, or 6.8 percent of the total tax revenue.

Li Xuhong, a senior researcher with the Beijing National Accounting Institute, said the shift would bring far-reaching positive influences.

"Local governments will be encouraged to foster a stronger consumer market, optimize the business environment and facilitate industrial upgrading," Li said, adding that the reform will also pave the way for legislation on consumption taxation.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 浮力影院在线 | 日本激情视频一区二区三区 | 精品中文字幕久久久久久 | 色婷婷久久综合中文久久一本 | 婷婷尹人香蕉久久天堂 | 九色在线 | 黄视频免费在线观看 | 视频在线观看一区 | 欧美成人18 | 香港一级毛片在线播放 | 日韩精品免费一级视频 | 亚洲欧美日韩在线线精品 | 亚洲成av人片在线观看 | 亚洲国产中文字幕在线观看 | 欧美影院 | 福利国产在线 | 久久福利电影 | 人人舔人人爱 | 男人的午夜天堂 | 黄色的视频免费观看 | 国产免费中文字幕 | 91精品国产综合久久久久久 | 9色在线 | 久久精品在这里 | 色午夜日本 | 久久综合成人网 | 企鹅公装网 | 色影影院 | 夜夜夜操操操 | 一区二区三区四区五区中文字幕 | 成人a视频| 精品亚洲成a人片在线观看 在线看片h站 | 午夜影院在线免费观看 | 人人艹逼 | 日本一区二区三区四区在线观看 | 毛片a级毛片免费播放100 | 奇米影视色 | 日韩精品一区二区三区中文字幕 | 成人永久福利在线观看不卡 | 国产小视频在线观看免费 | 亚洲一二三区视频 |