Detailed Rules for Implementing the Interim Regulations of the People＇s Republic of China on Consumption Tax

Since January 1, 2009, China＇s taxation on value-added tax, consumption tax and business tax have been adjusted by the Ministry of Finance and the State Administration of Taxation.     

Detailed Rules for Implementing the Interim Regulations of the People＇s Republic of China on Value-added Tax

Since January 1, 2009, China＇s taxation on value-added tax, consumption tax and business tax are adjusted by the Ministry of Finance and the State Administration of Taxation. China ＇s Foreign Trade will release the regulations in detail.     

Prime Time for a New Round of Tax Reform

Mr.Gao Peiyong, Deputy Director of Institute of Finance and Trade EconomicsOf the Chinese Academy of Social Sciences analyzed tax reform solutionafter The Third Plenary Session of the 11th Central Committee of the CPCin the light of current high growth of tax and emphasized that it is aprime time for a new round of tax reform."Until June 30 this year, the     

Tariff Soars in the First Half of This Year

B ecause the import has greatly increased and the price of the imported products has been remaining high from the beginning of this year,thus the tariff soars.According to the latest statistics from General Administration of Customs,the national tariff and imported tax in the first half of this year totaled to TMB 240.3 billion,which is in     

Measures for Verification Collection of Enterprise income Tax[for Trial Implementation]

Article 1 With a view to strengthening the adminis- tration of collection of enterprise income tax,regulating the verification collection of enterprise income tax,ensuring the timeliness and full amount of state revenue and maintaining the     

Income Tax Law of the People''''s Republic of China on Enterprises with Foreign Investment and Foreign Enterprises

(Adopted at the 4th Session of the 7th National People's Congress on April 9,1991 and promulgated on the same day on Order No.45 of the President of the People's Republic of China) Article 1 Enterprises with for- eign investment in the People's Republic of China shall pay income tax on their income from production,business opera- tions and other sources in accordance with the provisions of this Law.     

Big Car,More Costly?

Current story on car consumption tax is performing in China. Consumption tax is levied on goods on the basis of value-added tax （VAT）. A small number of commodities are chosen to impose consumption tax, which is usually seen in the production sector. As an ad valorem tax, consumption tax plays an important and positive role in effectively organizing fiscal revenue and correctly guiding production and consumption. China began to levy consumption tax on cars in 1994 and set three different levels of tax rates according to the type and displacement of the cars. It was paid by the manufacturing enterprises in line with the cost prices of the cars. As car consumption keeps growing rapidly in China, the consumption tax has also been adjusted accordingly. The first adjustment came in 2006. The previous three levels were further upgraded to six levels, the gaps between which were widened obviously. The gap between the top and the bottom levels grew from 5% to 17%.     

China＇s Economy on the Track of high-Speed Development

In 2003, the tax revenues of China had topped the high point of RMB2,000 billion for the first time, which has increased by RMB300 billion compared with that of the year before.After going through SARS and serious natural disasters, China has made such an outstanding achievements, which indicates that Chinese economy has already entered into the track of high-speed coordinated development.     

China Customs Tariff Revenue Exceeds RMB460 Billion in the First Three Seasons

The General Administration of Customs of the People's Republic of China recently promulgates that the national customs levied tariff revenue and import linkage tax RMB461.945 billion in the first three seasons, increasing by 19.17%; among which the tariff is RMB4.1 billion; the import linkage tax is RMB357.     

Detailed Rules for Implementing the interim Regulations of the People''s Republic of China on Consumption Tax

Since January 1, 2009, China's taxation on value-added tax, con-sumption tax and business tax have been adjusted by the Ministry of Finance and the State Administration of Taxation.     

Review of Taxation Work in 2005 and Plans for 2006

In 2005.China＇s total tax revenue topped 3.11866 trillion Yuan （excluding tariffs and agrictlttural taxus）. up 20% and 514,8 billion Yuan over 2004 and exceeding 3 trillion Yuan for the first time. During the 10th five-year plan period, the total tax revenue remitted into tile state coffer amounts to 10.9217 trillion Yuan, with an average annual increase of 19.5%： and the revenue in Ihe fifth year more than doubles that in the first year.The fast and steady growth of the tax revenue in pace with the economic growth has greatly enhanced the country＇s financial strengthe and provided solid financial guarantee for the country＇s efforts to build a well-off society in an all-round way.     

The Rising Road of Zhongce Pharmaceuticals——The total investment of the venture is RMB88 million, with a registered capital of RMB77.5 million

The Yantai People's Pharmaceutical Factory, little known to the outside in the past, rose to prominence in 1993. Today it has become one of the largest enterprises in profit and tax returns and one of the hundred technically strongest enterprises in Yantai city. In 1993, its profits increased seven times or. er 1992. In the first four months of this year, it realized pre-tax     

China''''s Tax Revenue in 2001 and Functions of Macroregulation of Taxation

On January 10, 2002, Mr. Jin Renqing, Commissioner of the State Administration of Taxation held a news release conference in the State Council Information Office on the revenue mobilization of China in 2001 and the mission of tax administration ahead in 2002.     

Authorities believe it is best time for resource tax reform

Reforming the resource tax is imperative and now is the perfect time to implement the reform, said some members of the NPC, CPPCC and fiscal and taxation experts who attended the working meeting on handling resource tax reform proposals and motions of the “two sessions” held by the Ministry of Finance on June17.     

China Customs Tariff Revenue Exceeds RMB460 Bilion in the First Three Seasons

The General Administration of Customs of the People＇s Republic of China recently promulgates that the national customs levied tariff revenue and import linkage tax RMB461.945 billion in the first three seasons, increasing by 19.17%; among which the tariff is RMB4,1 billion; the import linkage tax is RMB357.114 billion; the net revenue is RMB74.302 billion more than the previous year.     

Important Economic Reform Measures in 1994

1994 was of special significance to the reform of China's economic system. The new reform measures for taxation, finance, foreign trade, investment, and the price and enterprise system were smoothly implemented in the past year. In the reform of the taxation system, the taxation quota assigned by central government for the enterprises in the provinces and municipalities, regardless of their actual profits and losses, was replaced by a system in which tax was levied in proportion to the business turnover and profit. A turnover tax system with added-value tax as its core was     

Preferential Investment Policies

1.Income tax is reduced at the rate of15 percent for foreign-invested enterprises.Income tax is exempt for two years startingfrom the first profitable year and halvedfrom the third to fifth year for those enter-prises with an actual business period of morethan 10 years. 2.Foreign-funded new and hi-techenterprises may enjoy another three years ofhalved income tax after the stipulated expi-ration of income tax exemption if the enter-prises are verified to be still new and hi-techones. 3.Foreign-funded export-orientedenterprises may enjoy a reduced rate of 10     

Tax Planning for Enterprises

Tax planning is legal planning activities for tax savings, meaning tax payers make operation plans within the national policy framework and choose operation programs favorable to tax savings.Along with a maturing socialist market economy system in China, tax planning is becoming an integral part of enterprise management and operation.For a better tax planning, enterprises have to fully understand the meaning, get proficient at relevant strategies, and apply these methods to save taxes and realize the maximization of enterprise value while considering the actual situation.     

China's New Tax System Benefits Foreign Investors

To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural reform has been carried out under theguidelines of unifying the tax law, creating equal treatment, simplifying the tax system, building up a rational tax revenue sharing system, redressing distribution relationships, standardizing the mode of     

Preferential Policy and Tax Regulations Income Tax of Enterprises and Local Income Tax

*Newly-built joint ventures engaged in new and high technological enterprises shall enjoy a 15 percent reduction of income tax for two years, or a 24 percent reduction for two years and a 50 percent reduction in the following three years. A choice between the two may be decided by the said enterprises. **Service industry, those enterprises with a foreign capital of more than US$5 million shall be exempt from the tax for