Slowing Economy Sharply Weakens China's Tax Revenue Growth
Tax revenues rose only 9.8 percent year-on-year to reach 5.49 trillion yuan (866.76 billion U.S. dollars) in the world's second-largest economy during the first six months, according to the MOF.
Elsewhere: China to Expand Value-Added Tax Reforms
Under the reform program, which was implemented in Shanghai at the start of this year, certain service sectors would move from paying a business tax that is levied on total revenue, to a value-added tax, lowering their overall tax burden.
The reform is seen by analysts as part of a patchwork of measures to boost growth in China's slowing economy, while advancing long-term reform goals such as developing the services sector.
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