BRI NEWS China to finish drafting laws on value-added tax, consumption tax this year

BRI NEWS

China to finish drafting laws on value-added tax, consumption tax this year

Xinhua

10:29, February 27, 2020

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File photo: VCG

BEIJING, Feb. 26 (Xinhua) -- The Ministry of Finance on Wednesday unveiled a legislative work plan for 2020, pledging to complete drafting a raft of laws and regulations this year.

The ministry will strive to finish within this year drafting laws on value-added tax, consumption tax and tariff, revising the government procurement law, revising regulations on implementing the government procurement law, and drafting the law on managing the state-owned financial capital, it said.

Revision of laws on accounting, certified public accountants and regulations on accessing and managing state-owned assets and punishing fiscal violations will be carried out and reported to the State Council in due course, the ministry said.

It will also conduct legislation research on state-owned asset management, government non-tax revenue management and other spheres, according to its work plan.

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