Taxation In The People's Republic Of China
Taxes provide the most important revenue source for the Government of the People's Republic of China. As the most important source of fiscal revenue, tax is a key economic player of macro-economic regulation, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has preliminarily set up a streamlined tax system geared to the socialist market economy.
China's tax revenue came to 6.31 trillion yuan (924 billion U.S. dollars) in 2009, up 9.1 percent on 2008.
The government agency in charge of tax policy is the Ministry of Finance. For tax collection, State Administration of Taxation.
As part of US$586 billion economic stimulus package of November 2008, the government plans to reform the VAT which could cut corporation taxes by 120 billion yuan.
Read more about Taxation In The People's Republic Of China: Types of Taxes, Tax Legislation, Foreign Investment Taxation, Tax Governance, Revenue Statistics, See Also, References
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