BEIJING, April 2 (Xinhua) -- Chinese regulators are busy mapping out a timetable for legislation of substantive laws for eight tax categories and an adjective law on taxation administration to ensure statutory tax-levying by 2020, reported Economic Information Daily Tuesday.
Industry experts estimated that within this year, legislation for resources tax, urban maintenance and construction tax, stamp duty, etc. is likely to be completed and the taxation administration law is expected to be submitted for approval.
What’s more, practical progresses concerning drafting the content of law on value-added tax (VAT), a tax category that accounts for the biggest proportion of tax revenues in China, are likely to be made this year.
Earlier in late March, a legislation schedule released by the Ministry of Finance (MOF) also showed the ministry vowed to strive to finish internal drafting of VAT law, consumption law, stamp duty law, urban maintenance and construction tax law, land value increment tax law, and tariff law and timely submit them to the State Council for approval in 2019.
This year is a decisive year for China to materialize the principle of statutory taxation and Chinese legislatures and administrative organs are accelerating their paces, said Liu Jianwen, professor with the Law School of Peking University.
In Liu's opinions, legislation about two laws, the widely-watched property tax law and the VAT law, is of great importance.
Up to date, a string of measures on deepening VAT reform has entered into effect in China since April 1, benefiting Chinese enterprises via relevant tax reduction. Now how to balance the tax law revision and taxation legislation remains a key issue for Chinese regulators, argued Li Xuhong, director of the Institute of Financial and Taxation Policies and Applications of Beijing National Accounting Institute (BNAI) under the MOF.
As Shi Zhengwen, head of Center for Research in Fiscal and Tax Law of China University of Political Science and Law (CUPL) anticipated, China may complete legislation of VAT law in next year and preparations will be done including MOF completing internal drafting work this year.
In recent years, China has speeded taxation system reform to bring more benefits to enterprises. (Edited by Duan Jing, duanjing@xinhua.org)
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