BEIJING - Throughout 2011 China saw significant growth in national tax collections, and the government’s total revenue for the year jump to above RMB 10 trillion. On January 20th the Ministry of Finance of China released a statement announcing that the government’s revenue reached RMB 10.17 trillion for the 2011 year, having grown by 24.8 percent compared to the results seen in 2010. The recorded fiscal revenues were comprised of RMB 5.13 trillion collected by the central government and an additional RMB 5.24 ... Read More

BEIJING - Chinese policymakers have revealed the government’s plans to lower tax obligations and increase public spending. On December 26th at a budget meeting held in Beijing, Chinese policymakers outlined the government’s plans for spurring economic growth in 2012, confirming that public spending will be increased and new tax changes will be instated to help small businesses in the country. Throughout 2012 the government will increase spending on social security, housing projects, education, healthcare, and other measures aimed at boosting economic productivity and national ... Read More

BEIJING - Taxes on owners of motor vehicles are being changed in China, with new rates aimed at encouraging taxpayers to choose greener and more fuel efficient vehicles. On December 19th the State Administration of Taxation of China revealed the Vehicle and Vessel Tax Law, stating that from January 1st 2012 new taxes will be instated on all vehicles in the country. The new tax will be levied on passenger vehicles with engine sizes above 1L and with seating capacities of less than ... Read More

SHANGHAI - China is set to aid enterprises in the national service sector with a new program to replace current turnover tax systems with a value added tax system. On October 26th the State Council of China issued a statement revealing that it has approved a new pilot program to replace the national turnover tax with a simpler value added tax (VAT). The new tax will be instated from January 1st 2012 for transportation and service firms operating in the Shanghai region. ... Read More

BEIJING - China is set to instate new taxes on the sale of oil and ore on the national market in a bid to boost tax revenues and incite a drive to green technology. In a statement released on October 10th the State Council of China revealed that the government will soon implement a new set of resource taxes, aimed at the encouraging taxpayers to use more ecologically friendly technologies. From November 1st 2011 the government will levy a tax of up to ... Read More