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Taxation rule planned
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IN the next five years, China will make every effort to ensure the co-ordinated growth of revenue and national economy, according to Jin Renqing, Commissioner of the State Administration of Taxation.
Jin said at a press conference held in Beijing yesterday that in the Tenth Five-Year Plan period (2001-2005), the synchronic revenue/GDP growth or revenue going up a bit faster than that GDP will be maintained.
The ratio of tax revenue to GDP, and the portion of the amount of central revenue in the total, will be raised further in the period.
Besides, the swap of value-added tax (VAT) from production type to consumption type will be made at appropriate time. Income tax for domestic enterprises and enterprises with foreign investment will be gradually unified and the levies of personal income tax will be improved, according to Jin.
Part of policies on excise and business tax will be adjusted, noted Jin, adding that the country will also step up the reform on local tax levies, including the merge and amending of vehicle and vessel usage tax, vehicle and vessel usage license plate tax, real estate tax, urban real estate tax and urban and township land use tax. (Xinhua)
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