Latest News:  

English>>Business

Shanghai seeks VAT for services

By Feng Jianmin   (Shanghai Daily)

13:22, February 20, 2013

SHANGHAI will expand tax reform and improve fiscal structure to encourage healthy economic development even as the mayor warns the city faces problems in raising fiscal revenue this year.

The city will prioritize investment in innovation and infrastructure, boosting consumption, and supporting public welfare in its fiscal expenditure this year, Mayor Yang Xiong said at a municipality conference yesterday.

As part of a continued effort to replace the business tax, Shanghai will also expand the value-added-tax trial for some service firms this year to boost the service sector and streamline the tax system, he said.

The trial, which started on January 1, 2012, has chopped off a total of 4.5 billion yuan in tax for more than 130,000 participating companies in the first half of last year, according to latest data released by the Shanghai Statistics Bureau in August.

But Yang cautioned that Shanghai should be prepared to face hardships over the city's fiscal revenue this year.

"The financial and taxation departments must realize the current economic situation and be fully prepared for hardships ahead," Yang said. "We should enhance fiscal management while maintaining steady revenue growth."

Shanghai's fiscal revenue rose 9.2 percent last year from 2011, less than half the pace of a 19.3-percent growth in 2011, on slower economic growth and tax cutting measures, official data showed in January.

Also yesterday, Shanghai's auditing office said it investigated 1,042 cases last year and uncovered irregularities amounting to 3.1 billion yuan. The office also recovered 607 million yuan in wasted funds, officials said.

We recommend:

New vehicles unveiled at Canadian Int'l Auto Show

Video: Facebook targeted by hackers

Sanya duty-free shops see surging sales

Juniper buries doubts on boom

3D printing reshapes manufacturing

Hongyanhe nuclear power station in NE China

Email|Print|Comments(Editor:MaXi、Liang Jun)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Festive atmosphere created on missile speedboat

  2. New-type cold-proof equipment

  3. Highlights of Madrid Fashion Show

  4. China's weekly story (2013.2.8-2.15)

  5. Beauties at Beijing Film Academy enrollment site

  6. Fact check on Russian meteorite crash

  7. Happy big brother has birthday cake

  8. Chocolate fantasy park offers entertainment

  9. Facebook targeted by hackers

  10. Online money transfers soared

Most Popular

Opinions

  1. CCTV's Spring Festival Gala: Glory days gone
  2. Who cares for the village doctors?
  3. The weakening yen's impact on China
  4. Young climbers aim too high in China
  5. China Focus: Festive traditions disrupt green efforts
  6. Chinese distrust strangers, lack shared values
  7. How to face wrestling's removal from Olympics?

What’s happening in China

Beauties at Beijing Film Academy enrollment site

  1. Parents urged to keep close eye on kids
  2. Divorce rate rises for seven straight years
  3. China to build earthquake warning system
  4. Gansu gets bigger role on cultural map
  5. Returnees discover fulfillment