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
Famous quotes containing the words taxation, people, republic and/or china:
“Every diminution of the public burdens arising from taxation gives to individual enterprise increased power and furnishes to all the members of our happy confederacy new motives for patriotic affection and support.”
—Andrew Jackson (1767–1845)
“So far is it from being true that men are naturally equal, that no two people can be half an hour together, but one shall acquire an evident superiority over the other.”
—Samuel Johnson (1709–1784)
“Our great Republic is a government of laws and not of men. Here, the people rule.”
—Gerald R. Ford (b. 1913)
“Riot in Algeria, in Cyprus, in Alabama;
Aged in wrong, the empires are declining,
And China gathers, soundlessly, like evidence.
What shall I say to the young on such a morning?—
Mind is the one salvation?—also grammar?—
No; my little ones lean not toward revolt.”
—William Dewitt Snodgrass (b. 1926)