Tax­a­tion Sys­tem re­form

China Newsweek July 2

ChinAfrica - - NEWS ROUNDUP -

In the lat­est round of in­sti­tu­tional re­form, the state tax­a­tion and lo­cal tax­a­tion bu­reaus have been merged, putting an end to the dual-track tax­a­tion sys­tem in place since 1994.

New tax­a­tion bu­reaus at the provin­cial level and be­low will be sub­ject to the joint ju­ris­dic­tion of the State Ad­min­is­tra­tion of Tax­a­tion and the provin­cial, re­gional or mu­nic­i­pal gov­ern­ments. In ad­di­tion to tax col­lec­tion, they will also be re­spon­si­ble for pro­cess­ing so­cial se­cu­rity pay­ments such as med­i­cal in­sur­ance and pen­sions.the re­form was car­ried out to solve prob­lems that in­clude the in­ef­fi­ciency of the cur­rent tax­a­tion sys­tem caused by over­lap­ping func­tions of the state and lo­cal tax­a­tion bu­reaus. The new sys­tem aims to bet­ter meet the needs of China’s so­cial and eco­nomic de­vel­op­ment.

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