综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Economy

Local governments 'to be hit by adjustment to VAT'

By Zheng Yangpeng (China Daily) Updated: 2016-04-07 08:00

Local governments 'to be hit by adjustment to VAT'

People enter a taxpayer service hall in Beijing, Dec 13, 2010. [Photo/IC]

A media report that local governments' share of value-added tax revenues will be raised from 25 percent to 50 percent will not make up for the disappearance of the business tax in China, according to an analyst.

Beijing may need to use other sources of revenue to compensate local authorities, the analyst said.

Zhang Lianqi, a financial expert close to the Ministry of Finance, said the increase is very likely to be introduced, while the ministry did not respond to a request for comment.

The central and local governments' proportion of VAT-China's largest tax-will be adjusted to 50-50 from 75-25, Economic Information Daily reported on Wednesday, citing a document drawn up by the ministry, for which opinions have been sought internally.

The newspaper is affiliated with Xinhua News Agency.

The change is being made to win local governments' support for the ambitious VAT reform, which by May 1 will be expanded to the property, construction, finance, and consumer services sectors. Launched in 2012 as a pilot program, the reform is aimed at eliminating repeated taxation and easing corporate burdens.

The newspaper said the draft may be opened for public opinion.

When the reform is implemented fully, business tax, once the largest tax source for local governments, will vanish, incurring huge losses for them. Local officials have argued for months that their share of the new VAT should be increased to make up for the shortfall.

VAT revenue last year totaled 3.11 trillion yuan ($480 billion).

Hu Yijian, a tax professor at Shanghai University of Finance and Economics, said a study he made showed that if the proportion is adjusted to 50-50, this in effect would be a reversion to the central-local ratio before the VAT reform.

Hu said that some regions rely more on business tax than others, so the 50-50 approach is a little unfair on regions that are rich in business tax, because they bear greater losses. Beijing could use increased tax refunds to compensate them.

However, Zhang Bin, a researcher at the Chinese Academy of Social Sciences, said the central government's share of VAT should be raised because a greater stake in VAT may encourage local governments to compete for investment more aggressively.

Hot Topics

Editor's Picks
...
环江| 滨州市| 宣威市| 静海县| 南充市| 辛集市| 师宗县| 东安县| 庆阳市| 张家口市| 得荣县| 武山县| 广汉市| 且末县| 上饶市| 临颍县| 呼和浩特市| 延庆县| 祁阳县| 吉隆县| 宾阳县| 香格里拉县| 乐东| 穆棱市| 嫩江县| 宜兰县| 贺兰县| 阿克苏市| 大邑县| 门头沟区| 三门峡市| 原平市| 都昌县| 邵阳县| 阿图什市| 沁源县| 雷波县| 察隅县| 喀喇沁旗| 沅陵县| 武穴市|