www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China's VAT reform restructures economy, encourages entrepreneurship

Xinhua | Updated: 2017-09-20 17:19

BEIJING - China's value-added tax (VAT) reform, a key part of supply-side economic reform, has given impetus to economic growth and boosted entrepreneurship.

The VAT reform, which replaced all business taxes with value-added tax, was first piloted in Shanghai in 2012. It was expanded nationwide from May 1, 2016, with construction, real estate, financial and consumer services sectors included in the VAT regime.

Tangible goods have been subject to VAT for some time, but the levy on services was imposed on the value of a firm's sales. Such a crude system resulted in a tax on tax. VAT avoids this, as it is applied to the value added at each link in the production chain.

China's VAT rate structure was further cut from four to three tiers (6 percent, 11 percent and 17 percent) starting from July 2017, with tax rates for farm produce, tap water and books reduced from 13 to 11 percent.

Statistics from the Ministry of Finance showed that the reform has so far saved more than 1.6 trillion yuan ($244 billion) in taxes for businesses since 2012. From May 2016 to June 2017, taxes were reduced by over 850 billion yuan.

However, a lighter tax burden is not the central government's only aim, or it could have just cut business tax rates. An across-the-board replacement with VAT has far more significance on China's economic development.

Expanding VAT reform across all industries will encourage the development of the service sector, support an industry upgrade, stimulate consumption and support supply-side structural reform.

"The reform has streamlined the tax system, reduced double taxation and broken taxation barriers between manufacturing and service sectors to increase the weight of the service sector in China's economy," said Hu Genrong, a senior tax consultant with the PricewaterhouseCoopers.

China is counting on services, particularly high value-added services in finance and technology, to lessen the economy's traditional reliance on heavy industry and investment.

The service sector, which contributed 59.1 percent to economic growth in the first half of the year, has maintained strong growth. The service sector production index rose 8.3 percent in July, up from 7.8 percent for the same month of 2016, official data showed.

The government is also looking to the VAT reform to stimulate mass innovation and create an amicable climate for private enterprises through reducing corporate burdens.

"The reform has given rise to innovation, entrepreneurship and the development of new business models," said economist Zhang Lianqi, who is also a national political advisor.

Private firms, mostly small and medium-sized businesses, generate about 60 percent of China's GDP and around 80 percent of the country's jobs.

The government has moved to lower corporate burdens as part of the country's supply-side structural reform in past few years. A government work report released in March promised around 350 billion yuan in corporate tax cuts and around 200 billion yuan in reductions to business fees in 2017.

According to a report released by the World Bank, China's ranking in terms of the ease of doing business has moved up eight spots every year from 2013 to 2016, while the country's ranking for the ease of starting businesses climbed 31 places during that period.

To set up a sound, pro-business environment, the central government aims to further streamline taxation procedures and introduce information technology to make them easier and more efficient, according to a statement released after a State Council executive meeting last month.

It will also improve the situation in sectors including manufacturing, finance and construction, optimize the tax structure and set a reasonable tax rate.

Laws will be revised as soon as possible to reflect the new system, it said.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 久久久久久久久中文字幕 | 一级 黄 色 片免费 一级aaaaaa毛片免费 | 国产成人综合一区精品 | 性生i活一级一片 | 99r8这是只有精品视频9 | 美女黄色在线看 | 欧美一级专区免费大片野外交 | 在线观看免费a∨网站 | 亚洲欧美一级久久精品 | 二区三区在线观看 | 日本免费在线一区 | 欧美一级片免费看 | 国产欧美另类性视频 | 九九99精品 | 在线看欧美成人中文字幕视频 | 亚洲综合性 | 久久欧美精品欧美九久欧美 | 一个人看的www片免费视频中文 | 国产成人在线观看免费网站 | 欧美日韩在线看 | 88av在线视频| 视频在线二区 | 九九99久久| 在线观看精品视频网站www | 亚洲欧美在线一区二区 | 中文字幕一区二区在线视频 | 欧美猛交xxxx免费看 | 永久免费91桃色福利 | 国产成人精品视频免费大全 | 美国毛片免费观看 | 亚洲精品在线网 | 国产成人一区二区三区在线视频 | 国产一级淫片a免费播放口之 | 美女视频黄在线观看 | 国产成人精品午夜免费 | 99久久国产 | 亚洲精品网址 | 日本a级在线 | 亚洲午夜精品久久久久久抢 | 成人久久18免费网 | 国产精品va一级二级三级 |