According to a report in the Beijing News, the Chinese government is likely to increase taxes on luxury goods whilst extending the scope of consumption tax.
Quoting unnamed sources, the paper reported that the present consumption tax system introduced in the 1970s is now becoming increasingly unworkable, despite reforms in the mid 1990s.
At present, the tax, which is levied up to 45%, is placed on 11 classes of items including cigarettes, liquor, cosmetics, cars, jewellery and fireworks.
China’s strong economic growth and the increasing wealth of citizens have led the authorities into considering taxing leisure activities such as bowling, golf and gymnastics, in addition, the sources indicated.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
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