Home>>Business
Last updated at: (Beijing Time) Wednesday, March 12, 2003

It is Still Too Early to Levy Inheritance Tax in China, Official

It was still too early to collect inheritance tax in China, said Vice-Finance Minister Liao Xiaojun Tuesday at a meeting on the discussion of matters related proposals submitted to the first session of the 10th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top advisory body.


PRINT DISCUSSION CHINESE SEND TO FRIEND


It was still too early to collect inheritance tax in China, said Vice-Finance Minister Liao Xiaojun Tuesday at a meeting on the discussion of matters related proposals submitted to the first session of the 10th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top advisory body.

Referring to a proposal presented by the China Democratic National Construction Association on the policy of adjusting the income distribution, Liao cited views of some experts as saying that the collection of inheritance tax would do more harms than good to the Chinese economy.

Liao listed numerous reasons for not collecting inheritance taxat present.

Assets of most private entrepreneurs in China are basically used as their business operation capital, he said. According to common practices in other countries, such capital was exempted from paying inheritance tax or would enjoy a preferential inheritance tax rate.

Most private business people, still in the prime of their lives, would take many years to inherit the assets and, if such tax was collected, it would affect the economic growth and would lead to the outflow of the related capital.

Moreover, inheritance tax was regarded internationally as a complex tax that was difficult for taxation, and the personal assets declaration and registration system remained incomplete in China, Liao said.


Questions?Comments? Click here
    Advanced








>> Full Coverage

 


International Diplomatic Strife over Iraq Issue: Signed Article ( 3 Messages)

From Subservient Housewife to Ambitious Professional: Changing Roles of Chinese Women ( 5 Messages)

Marital Problems, Domestic Abuse Plague China's Women ( 4 Messages)

Tens of Thousands March in Hollywood Against Iraq War ( 5 Messages)

New Type of Nuclear Reactor Put into Use in Beijing ( 20 Messages)

Bombing for Fame: Suspect of Beijing University Blasts ( 2 Messages)



Copyright by People's Daily Online, all rights reserved