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China has cut 1.7 trillion RMB ($258 billion) of taxes after it replaced business tax with a value-added tax (VAT) in May 2016 Gustav Forsling Jersey , Chinese newspaper Securities Daily reported Wednesday.


The tax reform has generally met expectations, noted Hu Genrong, a senior tax consultant with the PricewaterhouseCoopers (PwC) during an interview with Securities Daily. According to him, the reform has not only lowered the burden on taxpayers, but also promoted the mass entrepreneurship and innovation strategy.


But as the biggest tax category of China that has broad and profound influence on the country’s modern economic pattern, the VAT system still needs to be further improved.


China is about to establish a provisional regulation on VAT that is applicable to all taxpayers as a basis for the VAT legislation John Hayden Jersey , Hu noted.


The expert believes that China needs to further accelerate its fiscal and tax reform in the next year, and thinks that the country still has a lot of room for tax reduction.


It was learnt that four tax brackets had been adopted at the initial phase of the VAT reform, and one was canceled this July.


Though multiple tax brackets play a positive role at certain stages of economic and social development, the long-term co-existence of these brackets will increase both the cost of tax compliance and administrative costs, Hu said.


Huang Zhilong, macro-economy research chief at the Suning Institute of Finance Brandon Saad Jersey , told Securities Daily that China needs to further cut taxes with the approaching new round of global tax reductions. In addition, unreasonable administrative fees which place economic burden on enterprises will also be a focus.


Statistics showed that corporate income tax accounted for 27.2% of China’s tax revenue in the first three quarters of 2017. “If corporate income tax could be reduced by a third, enterprises’ profits would go up by nearly 1 trillion RMB,” noted Liu Zhe, director of Wanb Institute’s New Supply Economics Research Center.


He believes that the rise in the return on investment will improve investment willingness, thus releasing supply potential and creating effective demands.


(Agencies)


BEIJING Artem Anisimov Jersey , Dec. 14 (Xinhua) -- China will remain a popular destination for foreign investment, due to economic stability, market potential and further opening up, the Ministry of Commerce (MOC) said Thursday.


The remarks were made by MOC spokesman Gao Feng at a press conference, commenting on the influence of U.S. tax cuts on China's foreign investment.


"Tax policy is an important factor in investment decisions, but it is not necessarily a decisive one Alex DeBrincat Jersey ," he said. "Economic stability, market potential and business environment of the target country are also important factors for investors to consider."


Gao said the U.S. tax cuts, together with its monetary policy shift, might have a certain impact on global capital flows, and that some economies had expressed concerns over the spillover effect of U.S. policy, including domestic capital flight and difficulties in attracting foreign investment.


"We hope the recent concerns of certain economies will not come true Brent Seabrook Jersey , and we always believe that world economic growth requires stronger policy coordination between all economies," he said.


With today's highly globalized economy and integrated industries, development should not and cannot be equivalent to the development of one economy.


"We expect common development that is mutually beneficial to all economies, and we will continue to make our own efforts," said Gao. "China will never stop opening up, it will only open door wider."


The spokesperson stressed that China would push forward reforms Corey Crawford Blackhawks Jersey , further ease market access and improve services for foreign enterprises.


China implemented a revised foreign investment catalogue earlier this year, which relaxed restrictions on foreign investment in a number of industries.


Next year, a negative list approach to market entry, which states the sectors and businesses that are off limits to foreign investment, will be expanded nationwide.




NEW DELHI, June 7 (Xinhua) -- At least 18 workers were charred to death and eight others suffered severe burn injuries Wednesday in a devastating fire inside a fireworks factory in central Indian state of Madhya Pradesh Jonathan Toews Blackhawks Jersey , local officials said.


The fire triggered series of blasts inside the factory at village Khairi in Balaghat district, about 437 km southeast of Bhopal, the capital city of Madhya Pradesh.


"Today at around 3:00 p.m. (local time) fire broke out inside a fireworks factory at village Khairi, triggering series of blasts," Bharat Yadav, Balaghat district collector told Xinhua. "Eighteen workers were killed and eight people have been admitted to hospital."


According to Yadav Duncan Keith Blackhawks Jersey , rescuers have retrieved 18 bodies from the debris of factory.


Officials feared death toll is likely to go up as according to locals more than 40 workers mostly women were inside the factory at the time of fire.


Following the fire inside factory, local administration rushed firefighters and police to the spot to douse the flame and carry out rescue work.


The cause of blast and subsequent fire inside the factory was being ascertained.


Accidental explosions are common at Indian fireworks factories and shops.


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