Stabler VAT re­turns to lo­cal fi­nance

China Daily (Hong Kong) - - POLICY REVIEW -

The State Coun­cil, China’s Cabi­net, an­nounced a de­ci­sion to re­vise the method of cal­cu­lat­ing value-added tax (VAT) re­turns to lo­cal re­gions. The cen­tral gov­ern­ment has been re­turn­ing part of the VAT in­take since 1994 when the re­form di­vided tax collection be­tween the cen­tral and lo­cal govern­ments. Start­ing this year, the cen­tral gov­ern­ment will re­turn a fixed amount of VAT to lo­cal govern­ments for­mu­lated on the base num­ber for 2015, which will not be changed even if the VAT in­take changes. tions to them; third, they should im­prove their abil­ity to mo­bi­lize in­no­va­tion re­sources and co­or­di­nate eco­nomic and so­cial de­vel­op­ments. Fi­nally, the re­gions se­lected as ex­em­plary zones should share their ex­pe­ri­ences in tech­no­log­i­cal in­no­va­tion and sus­tain­able de­vel­op­ment, to help other re­gions and pro­vide a China plan on sus­tain­able de­vel­op­ment to the whole world. vi­sion is­sued a tem­po­rary reg­u­la­tion on su­per­vis­ing cam­pus se­cu­rity for pri­mary, sec­ondary schools and kinder­gartens na­tion­wide, which made clear the key as­pects of their su­per­vi­sion, namely or­ga­niz­ing work, rule-build­ing, vi­o­lence preven­tion and tack­ling ac­ci­dents.

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