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Economic news

China will implement consumption tax reform step-by-step, vice Finance Minister says

07/30/2024

Less than a minute

2024.07.30 23:00

BEIJING (Reuters) – China will implement consumption tax reform step-by-step and standardise management of local governments’ non-tax revenues, Vice Finance Minister Wang Dongwei said at a press conference in Beijing on Wednesday.

© Reuters. FILE PHOTO: Wang Dongwei, a vice finance minister of China, is seen before the start of a plenary session of the Development Committee at the World Bank during the 2023 Spring Meetings in Washington, U.S., April 12, 2023. REUTERS/Elizabeth Frantz/File Photo

China will also strengthen fiscal policy adjustments and deepen fiscal and tax reforms, Wang said.

According to a Communist Party meeting this month, local administrations will gradually be allowed to retain more of the consumption tax, which is currently transferred to the central government and accounts for almost a tenth of all revenues.

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07/30/2024

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