China to Press Ahead with Tax Reform

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Last updated at: (Beijing Time) Wednesday, August 27, 2003

China to Press Ahead with Tax Reform

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China will continue its efforts for reform of the tax system, and maintain a sustainable and rapid growth in taxation income, according to a meeting organized by the State Administration of Taxation (SAT) Tuesday.

At the work meeting on the basic construction of the national taxation system, Xie Xuren, Commissioner of SAT, said China will set up a sound tax administration system, so as to meet the requirements of its entry into the World Trade Organization (WTO).

Wang Chengyao, an official with the Finance Ministry, said the taxation reform in the next period will be aimed at the industrialand commercial circulation tax, customs tax, income tax, property tax, agriculture tax and other kinds of taxes.

Since the tax reform began on a large scale in 1994, China has maintained a stable tax system.

The central government attaches great importance to tax reform.Experimental reform of the agriculture tax was implemented nationwide this year.

China has abolished taxes on special local agricultural products, and local governments have abolished some fees which burdened farmers.

Meanwhile, with its entry into the WTO, China has realized the need to adopt uniform income tax rates for both foreign and domestic enterprises, Wang said.

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