Tell me and I forget. Teach me and I remember. Involve me and I learn. Benjamin Franklin

Sunday, May 26, 2013

China may start taxing more luxury goods

By Wei Tian in Beijing and Yu Wei in San Francisco

China Daily - May 25, 2013

China may start levying taxes on an increasing number of luxury goods as part of the country's efforts to push forward economic reform, an official with China's top planning agency said on Friday.
More products might be taxed, as part of the country's tax reform plans for this year, said Kong Jingyuan, director-general of the department of comprehensive reform of the economic system at the National Development and Reform Commission.
Kong made the remarks when answering questions about a guideline with the key tasks to deepen economic reforms in 2013, which was published on the central government's website on Friday.
In the guideline, the NDRC pledged to "properly modify the rate and scope of consumption taxes". According to Kong, the changes will be carried out both in terms of rates and structures.
Taking into consideration the increasing national income levels, some products that used to be regarded as luxury goods are now seen as daily necessities and thus will not be taxed as luxury products, he said.

To read more.....

No comments:

Post a Comment