China plans to reform its excise tax system, focusing on "sin taxes" like tobacco, alcohol, and luxury goods.
China plans to implement excise tax reforms as part of its fiscal and taxation system's reforms, focusing on "sin taxes" like tobacco, alcohol, and luxury goods. Currently, tax revenues from these items go to the central government. Experts suggest the reforms could help improve industry structure, promote healthy and green consumption, and narrow income gaps. Tax authorities will need to meet higher efficacy requirements during the reform process, which could take time.
July 05, 2024
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