Tax reform reduces enterprises' burden
Updated: 2012-10-30 16:55
By Zheng Yangpeng (chinadaily.com.cn)
|
|||||||||
Reform of turnover tax would reduce 95 percent of the trial enterprises'tax burden, an official from East China's Zhejiang province said on Monday at a news conference.
Zhejiang is one of the 10 provinces and cities that were included in the reform scheme in July. The decision was made after Shanghai implemented the reform at the beginning of this year. It replaced what is known as turnover tax with a value-added tax on selected services.
A turnover tax is a tax on gross revenue while a value-added tax is a tax levied on the difference between a commodity's price before the application of other taxes and the cost of producing it. The policy change is expected to reduce the repeated taxation on the transportation, services, research and development sectors.
The reform in Zhejiang, which will start on Dec 1, 2012, is expected to reduce 95 percent of the trial enterprises' tax burden. Except for transportation, which would see a generally unchanged tax charge, enterprises in other involved sectors would enjoy 40 percent lower taxes, said Luo Shilin, deputy director of Zhejiang provincial department of finance.
The reform is also expected to cost 6 billion yuan ($954 million) in provincial fiscal revenue in 2013, Luo said.
Other provinces and cities that have been included in the reform are Beijing, Tianjin, Guangdong, Jiangsu, Anhui, Fujian, Hubei, Xiamen and Shenzhen.
zhengyangpeng@chinadaily.com.cn
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |