Thu, June 30, 2011
Business > Economy > China revises individual income tax law

Tax reform to be furthered: Minister

2011-03-21 09:39:14 GMT2011-03-21 17:39:14(Beijing Time)  China Daily

China's minister of finance Xie Xuren said the country will further its fiscal and tax reform in three aspects: taxation, fiscal system and budget management.

Xie, speaking at a forum on Sunday, said China will continue expanding the range of value-added taxes and decreasing sales taxes, the Shanghai Securities News reported Monday.

As for individual income taxes, rates will be cut for the low- to middle-income groups, and more adjustment measures will be launched concerning high-income groups.

In 2011, China will focus on reforming the fiscal system to improve the payment transfer system and build more elaborate fiscal systems at the provincial level, Xie said.

Plans for budget management will be more comprehensive and detailed, and all the government revenues will be included in the budget, according to Xie. He also said the budget will be more transparent to the public.

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