Throw light on the land and taxation systems of China.(Long Answer)
Answers
Taxes provide the most important revenue source for the Government of the ... Under the current tax system in China, there are 26 types of taxes, which, according to their nature and provide the most important revenue source for the Government of the People's Republic of China. Tax is a key component of macro-economic policy, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has sought to set up a streamlined tax system geared to a socialist market economy.
China's tax revenue came to 11.05 trillion yuan (1.8 trillion U.S. dollars) in 2013, up 9.8 percent over 2012.Tax revenue in 2015 was 12,488.9 billion yuan. In 2016, tax revenue was 13,035.4 billion yuan. Tax revenue in 2017 was 14,436 billion yuan. In 2018, tax revenue was 15,640.1 billion yuan, an increase of 1204.1 billion yuan over the previous year.[1][2][3][4][5][6] The 2017 World Bank "Doing Business" rankings estimated that China's total tax rate for corporations was 68% as a percentage of profits through direct and indirect tax. As a percentage of GDP, according to the State Administration of Taxation, overall tax revenues were 30% in China.[7]
The government agency in charge of tax policy..
Explanation:
Taxes provide the most important revenue source for the Government of the People's Republic of China. Tax is a key component of macro-economic policy, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has sought to set up a streamlined tax system geared to a socialist market economy.
China's tax revenue came to 11.05 trillion yuan (1.8 trillion U.S. dollars) in 2013, up 9.8 percent over 2012.Tax revenue in 2015 was 12,488.9 billion yuan. In 2016, tax revenue was 13,035.4 billion yuan. Tax revenue in 2017 was 14,436 billion yuan. In 2018, tax revenue was 15,640.1 billion yuan, an increase of 1204.1 billion yuan over the previous year.[1][2][3][4][5][6] The 2017 World Bank "Doing Business" rankings estimated that China's total tax rate for corporations was 68% as a percentage of profits through direct and indirect tax. As a percentage of GDP, according to the State Administration of Taxation, overall tax revenues were 30% in China.[7]
The government agency in charge of tax policy is the Ministry of Finance. For tax collection, it is the State Administration of Taxation.
As part of a US$586 billion economic stimulus package in November 2008, the government planned to reform VAT, stating that the plan could cut corporate taxes by 120 billion yuan.[8] Highly sophisticated malware has been repeatedly found in the Government required tax support software, including for VAT.