久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Tax distribution formula reworked for fiscal parity

By Chen Jia | China Daily | Updated: 2019-10-11 09:30
Share
Share - WeChat
A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

Tax income distribution between the central and local governments has been rebalanced to ensure that the slew of planned tax and fee cuts will not drag some regions into financial problems, according to a statement from the State Council, the country's cabinet.

Under the new plan, value-added tax income for the central and local governments has been fixed at 50 percent each, compared with 75 percent for the central government before VAT reforms in 2016.

The equitable sharing system will ensure that the local governments get a stable tax income, said a government statement released on Wednesday.

In order to increase tax sources for local governments, some consumption taxes on goods will be transferred to local governments, it said. Before the reform, the consumption tax was collected by the central government.

Consumption tax on some items, such as luxury watches, jewelry and jade, will be transferred to local governments, while other qualified items will be considered later, the statement said.

The Ministry of Finance said that during the first eight months of this year, total tax income was 11.71 trillion yuan ($1.64 trillion), and nearly 40 percent of it came from VAT. The consumption tax stood at 1.04 trillion yuan in the same period.

Li Chao, the chief macroeconomy analyst of Huatai Securities, said the reform will help ease the fiscal deficit pressures of local governments, amid tax and fee reductions and increasing economic downward risks.

The reform, which boosted the local government share of VAT income to 50 percent, compared with 25 percent before 2016, will increase local governments' income and encourage them to spend more to support economic growth, he said.

Finance Minister Liu Kun said in a recent news conference that the total tax and fee reductions may exceed 2 trillion yuan this year. It was the strongest cut in history. In the first half, about 1.17 trillion yuan of taxes and fees have been reduced, according to the ministry.

Lin Jiang, a professor of economics at the Sun Yat-sen University, said local governments are lacking in tax resources and highly dependent on VAT income. If the tax and fee cut plan continues, the local governments will face some difficulties in stemming income declines and would need to find more tax income resources in the future.

The government's general budgetary revenue rose by 3.2 percent in the first eight months, well below the 9.4 percent growth in the same period last year, and lower than the full-year target of 4.9 percent, the Ministry of Finance said.

Some of the local governments have already adjusted their budgets after the first six months of this year, and the annual fiscal targets can be achieved, according to the finance minister.

The State Council had earlier urged local governments to use a part of the next year's special bond quota in advance, and the maximum value could be 1.29 trillion yuan, to accelerate infrastructure construction and spur economic growth.

Some experts said the additional quota may be allocated in the fourth quarter, to accelerate fixed-asset investment.

Top
BACK TO THE TOP
English
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
CLOSE
 
主站蜘蛛池模板: 国产精品久久成人影院 | 欧美一级特黄特色大片免费 | 日韩色在线 | 免费不卡毛片 | 色视频在线免费 | 久久久精品2018免费观看 | 免费国产99久久久香蕉 | 亚洲成a人片在线观 | 一区二区三区在线免费看 | 欧美高清一区 | 精品国产免费人成高清 | 美女免费在线视频 | 亚洲欧美国产18 | 亚洲国产最新在线一区二区 | 成年人在线视频免费观看 | 久久草在线视频播放 | 久久在线资源 | 国产肥老妇视频一 | 亚洲免费在线观看视频 | 亚洲www.| 国产亚洲欧美精品久久久 | 女人又黄的视频网站 | 国产伦精品一区二区三区免费 | 亚洲一区二区三区不卡在线播放 | 成人亚洲欧美日韩在线 | 97视频免费公开成人福利 | 5级做人爱c视版免费视频 | 黄色一及毛片 | 欧美成 人h版在线观看 | 波多野一区二区三区在线 | 日本久久免费 | 亚洲欧美精品一区二区 | 久久久久亚洲精品一区二区三区 | 三级全黄a | 久久99热只有视精品6国产 | 国内精品久久久久久中文字幕 | 国产资源精品一区二区免费 | 国产日韩欧美一区二区三区综合 | 久久成人国产精品免费 | 一级做a爰片久久毛片人呢 一级做a爰片久久毛片唾 | 国产乱子精品免费视观看片 |