China will maintain its existing business tax incentives and gradually digest changes caused by VAT reform, senior tax officials said on Friday.
Export tax rebates will be increased this year in response to an export decline triggered by the European debt crisis.
China will raise export tax rebate rates on a series of products including high-tech and high value-added goods and labor-intensive goods this year, when the time is appropriate, said Zhong Shan, vice-minister of commerce.
The Chinese government announced Saturday that the nation will continue offering VAT refunds to the animation industry next year.
China will further its efforts to make adjustments in tax reduction policies next year in a bid to improve people's livelihood, China's Minister of Finance Xie Xuren said at a work conference.
China's policy to ease the tax burden on wage earners and small businesses has saved them billions of yuan, the state media reported Friday.
The adoption of adjusted taxes for vehicles and vessels under a new law is intended to contribute to efforts of energy conservation and emissions reduction in China, a government statement said.
China will raise thresholds for levying value-added and business taxes on small enterprises starting from Tuesday, the Ministry of Finance said.
The government will replace turnover tax with a VAT on select service sectors, such as the transport sector, in Shanghai from Jan 1, 2012, said a statement issued after a State Council meeting presided over by Premier Wen Jiabao.
The government will replace turnover tax with a VAT on select service sectors, such as the transport sector, in Shanghai from January 1, 2012,
The faster-than-expected transition of the resource tax from a regional program to a national practice next month is more than welcome.
A table measuring the harshness of a country's tax regime in 2009, which ranked the Chinese mainland high at second place, has again aroused much debate, with experts urging faster reform of the system.