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  • PRC Tax System Explained

    Diunggah oleh

    Tamal Mukherjee
    27 tayangan2 halaman
    The People's Republic of China has transformed its tax system in recent years by adopting taxes common in major trading nations to balance revenue, fairness, and economic growth. Taxes are the most important source of revenue for the PRC government and greatly affect China's economic and social development. With reforms since 1994, China has established a tax system aligned with its socialist market economy. The Ministry of Finance oversees tax policy while the State Administration of Taxation handles tax collection.

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    Information about taxation system in china

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    Taxation system in china

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    The People's Republic of China has transformed its tax system in recent years by adopting taxes common in major trading nations to balance revenue, fairness, and economic growth. Taxes are the most important source of revenue for the PRC government and greatly affect China's economic and social development. With reforms since 1994, China has established a tax system aligned with its socialist market economy. The Ministry of Finance oversees tax policy while the State Administration of Taxation handles tax collection.

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    27 tayangan2 halaman

    PRC Tax System Explained

    Diunggah oleh

    Tamal Mukherjee
    The People's Republic of China has transformed its tax system in recent years by adopting taxes common in major trading nations to balance revenue, fairness, and economic growth. Taxes are the most important source of revenue for the PRC government and greatly affect China's economic and social development. With reforms since 1994, China has established a tax system aligned with its socialist market economy. The Ministry of Finance oversees tax policy while the State Administration of Taxation handles tax collection.

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    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOCX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
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    Taxation in the People's Republic of China

    The Peoples Republic of China (PRC) has transformed its tax system in recent years. It has adopted many types of taxes common in major nations with large private sectors that engage actively in world trade. China seeks an appropriate balance between revenue raising, fairness, and growth permitting types and levels of taxes. Growth is an important goal, because raising living standards can benefit everyone. Taxes provide the most important revenue source for the Government of the People's Republic of China. As the most important source of fiscal revenue, tax is a key economic player of macro-economic regulation, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has preliminarily set up a streamlined tax system geared to the socialist market economy. The government agency in charge of tax policy is the Ministry of Finance. For tax collection, State Administration of Taxation.

    Types of taxes

    Under the current tax system in China, there are 26 types of taxes, which, according to their nature and function, can be divided into the following 8 categories:

    Turnover taxes. Income taxes. Resource taxes. Taxes for special purposes. Property taxes. Behavioural taxes. Agricultural taxes. Customs duties.

    Tax legislation

    State organs that have the authority to formulate tax laws or tax policy include the National People's Congress and its Standing Committee, the State Council, the Ministry of Finance, the State Administration of Taxation, the Tariff and Classification Committee of the State Council, and the General Administration of Customs.

    Foreign investment taxation

    There are 14 kinds of taxes currently applicable to the enterprises with foreign investment, foreign enterprises and/or foreigners, namely: Value Added Tax, Consumption Tax, Business Tax, Income Tax on Enterprises with Foreign Investment and Foreign Enterprises, Individual Income Tax, Resource Tax, Land Appreciation Tax, Urban Real Estate Tax, Vehicle and Vessel Usage License Plate Tax, Stamp Tax, Deed Tax, Slaughter Tax, Agriculture Tax, and Customs Duties.

    Submitted By: Tamal Mukherjee FM/11/003

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