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BIZCHINA / Macro Economy |
China removes local govt powers to waive urban land taxBy ()
Updated: 2007-06-26 16:11 State Administration of Taxation (SAT) said it has removed local government powers to waive urban land tax for commercial development and infrastructure. In a statement posted on its website, the SAT said it removed provisions granting local governments the discretion to waive tax "according to actual circumstances." The SAT previously sought to remove opportunities to waive stamp duty as well as land use tax for nuclear, power, coal mining, and port projects. (For more biz stories, please visit Industry Updates)
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