Latest News:  


MOF launches surveys on tax reform pilots


17:04, April 22, 2013

BEIJING, April 22 (Xinhua) -- China's Ministry of Finance (MOF) has launched surveys on reform pilots for replacing business tax with a value-added duty, the MOF said Monday.

The ministry has set up 12 local monitoring offices in provinces and municipalities to follow the practice of the pilot scheme as well as the scheme's effects on local economies and enterprises.

From early April to the end of 2013, the surveys will monitor at least 10 enterprises in each of the pilot industries, the ministry said.

On April 10, the State Council, China's cabinet, decided to expand its value-added tax (VAT) reform to the entire country from Aug. 1. It hopes to complete the reform by the end of 2015.

China introduced the reform in Shanghai last year to avoid double taxation. It was later expanded to another 11 regions, including the municipalities of Beijing and Tianjin, and Shenzhen in south China's Guangdong Province.

By Feb. 1, the program had saved over 1 million taxpayers more than 40 billion yuan (6.47 billion U.S. dollars) in taxes, according to MOF data.

Business tax refers to a levy on the gross revenue of a business, while VAT refers to a tax levied on the difference between a commodity's price before taxes and its cost of production.

Business tax must be paid by nine industries in China -- transport, construction, financial and insurance, postal and telecommunications, cultural and sports, entertainment, service, intangible asset transfer and real estate sales.

We Recommend:

Living in mini homes in China

Stunning models at Bangkok Int'l Auto Show

Shanghai Tower, tallest skyscraper in China

Bird flu fears hit poultry industry

Bird flu takes toll on poultry industry

Int'l footwear exhibition kicks off in Shanghai

Email|Print|Comments(Editor:WangXin、Gao Yinan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Rescuers, sniffer dogs to conduct rescue work

  2. Chinese soldiers clear mines, win hearts

  3. 2013 Toronto's Bridal Show

  4. International schools fight bullying

  5. 2,200 people walk 50km to aid poor kids

  6. Rescuers work hard at quake-hit area

  7. Highlight of Bahrain F1 Grand Prix

  8. Tom Cruise, "Oblivion" tops North America

  9. Gold loses sheen,
    but still a safe bet

  10. Credibility still top concern for Chinese firms

Most Popular


  1. Loan guidance is good for banks, report says
  2. IMF should act responsibly
  3. Terrorist attacks should not be regionally labeled
  4. Texas town: like whipped by powerful tornado
  5. High land premiums set to affect profits
  6. Alliance sets new stage for culture
  7. Expats reconsider living in Beijing over pollution
  8. Boston bombings underscore U.S. security concerns
  9. No winner in competitive currency devaluation
  10. Terrorism knows no boundaries

What’s happening in China

Teenager saves mom with his bare hands

  1. Students in quake-hit region to resume classes
  2. Pilot cancels wedding to participate in quake relief
  3. Baby girl born in Baoxing County after earthquake
  4. Make-shift toilets urgently needed in Lushan
  5. 2 armed police rescuers injured