Shenzhen to Standardize Taxes: Official

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Last updated at: (Beijing Time) Monday, March 18, 2002

Shenzhen to Standardize Taxes: Official

Shenzhen is to lower electricity prices and highway and bridge tolls from this June as part of a drive to standardize taxes and encourage inward investment, Yu Youjun, mayor of Shenzhen said Monday.

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Shenzhen is to lower electricity prices and highway and bridge tolls from this June as part of a drive to standardize taxes and encourage inward investment, Yu Youjun, mayor of Shenzhen said Monday.

He told the on-going plenary session of the city government that the city would standardize taxes in all the sectors this year so that Shenzhen's revenues would become transparent and reasonable.

He also said that more standard tax rates would help create a favorable investment environment for investors from home and abroad and further promote the city's ability to compete with foreign counterparts.

He had ordered the relevant departments to check and abolish all unjustifiable and unreasonable taxes and bring down over-high taxes.

In addition, this May the city government would release a list of all taxable items and their criteria. Those undeclared taxes and the taxes which did not appear on the new list would be regarded as illegal.

Yu said the municipal government would also seek to build a macro-control mechanism on the land and real estate markets.

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