BEIJING, Jan.10(Xinhua)-- China implemented a bigger tax cut in 2019, with a total annual tax cut of more than Rmb2 trillion. Chinese experts and scholars and the public network voted for the top 10 national tax news in 2019, with tax cuts leading the way.
China's tax newspaper announced the results of the selection at a 2019 national top 10 tax press conference and a review and outlook forum on tax policy in Beijing on Monday. At the symposium, tax cuts were frequently mentioned by experts.
Gao Peiyong, vice president of the Chinese Academy of Social Sciences, said value-added tax was the largest tax in China. Deepening the reform of VAT is the main content of the tax reduction policy. Tax cuts in 2019 have helped businesses and the real economy reduce production and operating costs in addition to expanding demand. Tax reduction is institutional and continuous, and the effect of tax reduction will continue to show in 2020 and beyond.
At the same time, in 2019, China has consulted the public on the value-added tax law and the consumption tax law (draft for comments) to speed up the process of taxation law. Bai Jingming, vice president of the China Institute of Financial Sciences, believes that tax law can make the 2019 tax cuts play the role of automatic stabilizers, making enterprises more and more obvious to reduce the burden.
Cutting taxes and lowering fees to reduce the burden on enterprises and stimulate market vitality, but also include personal tax reform to promote people's livelihood gift package. Li Wanfu, director of the Institute of Taxation Science of the State Administration of Taxation of China, believes that tax cuts and fees have adjusted the interests of all parties, transferred more of the dominant power of social wealth to the market, stabilized market expectations and strengthened confidence. (end)