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China to slash 500b yuan tax burdens

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-05 14:08

China to slash 500b yuan tax burdens

The proposed tax reform is expected to cut up to 500 billion yuan ($73.09 billion) in taxes on Chinese enterprises and individuals, Premier Wen Jiabao said in a work report to parliament's annual session this morning.

"We will carry out structural tax reduction and promote reform of taxes and fees, we will reduce tax burdens on enterprises and individuals by a variety of means such as tax cuts, rebates and exemptions," Wen said in the report.

The government will carry out a sweeping value-added tax reform and will remove or suspend 100 administrative fees, Wen said.
 
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