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China to Amend Tax Law
China's top legislature, the Standing Committee of the National People's Congress (NPC), will amend the tax administration law to ensure the state's revenues, safeguard the legitimate rights of tax-payers and penalize illegal activities.
Jin Renqing, director of the State Administration of Taxation, presented amendment explanations to the 17th session of the NPC Standing Committee, which opened Monday in Beijing.
In amending the tax law, more emphasis will be put on the tax collection, which will ensure the timely and adequate collection of taxes.
Efforts will be made to standardize and perfect law-enforcing activities in tax administrative departments, and protect the legitimate rights of tax-payers.
At present, some business tax-payers have multiple accounts in financial institutions, which makes it difficult for tax collectors to check for illegal activities.
The draft amendment stipulates that business tax-payers should present tax registrations to financial institutions before opening accounts, and report all their accounts to tax departments.
The draft also stipulates that taxes have priority to debts in the business disputes, re-grouping of enterprises and bankruptcies.
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