Speaking last week, China's Finance Minister, Jin Renqing revealed that the government would be abolishing the unpopular farm tax ahead of schedule, as part of a program of tax and economic reforms in China.
The 2,000 year-old tax has traditionally been disliked by the country's rural community because it is levied at a flat rate, whilst taxes imposed on city-dwellers are imposed in relation to profit levels.
Observers have suggested that the tax has contributed to the growing income gap between the country and the city, and have attributed various cases of civil unrest in recent years to anger over the the rural tax.
These factors, in conjunction with the negligible amount of revenue raised by the levy, have reportedly contributed to its early demise.
.
Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment