Vice Minister of finance Cheng Lihua: personal tax reform plan has been submitted to the State Council.

category:Society
 Vice Minister of finance Cheng Lihua: personal tax reform plan has been submitted to the State Council.


This years government work report proposes to reform the personal income tax. The Ministry of finance also disclosed that the reform of personal income tax will be implemented in 2018, including raising the standard of deducting basic expenses, that is, starting point, and increasing special additional deductions. The first choice is the education of children and medical treatment of big diseases. Liu Kun, Minister of finance, said at the March China Development Summit Forum that China will establish a comprehensive and classified personal income tax system. We should optimize the tax rate structure, improve the pre tax deduction, standardize and strengthen the tax base, strengthen tax collection and management, and give full play to the regulation function of personal income tax. On the same day of May 3rd, Cheng Lihua also introduced in detail the 7 tax reduction measures designed to support innovation and development of small and micro enterprises, which was decided by the standing meeting of the State Council in April 25th. She said the 7 measures are expected to reduce the tax burden on enterprises by about 60000000000 yuan in the whole year. Prior to this, Cheng Lihua said at the annual forum of Boao forum for Asia 2018 annual meeting, it is estimated that Chinas tax cuts and losses will exceed 1 trillion yuan in 2018. Source: surging news writer: Han Sheng Jiang, editor in chief: Li Hang _BJS4645 This years government work report proposes to reform the personal income tax. The Ministry of finance also disclosed that the reform of personal income tax will be implemented in 2018, including raising the standard of deducting basic expenses, that is, starting point, and increasing special additional deductions. The first choice is the education of children and medical treatment of big diseases. Liu Kun, Minister of finance, said at the March China Development Summit Forum that China will establish a comprehensive and classified personal income tax system. We should optimize the tax rate structure, improve the pre tax deduction, standardize and strengthen the tax base, strengthen tax collection and management, and give full play to the regulation function of personal income tax. On the same day of May 3rd, Cheng Lihua also introduced in detail the 7 tax reduction measures designed to support innovation and development of small and micro enterprises, which was decided by the standing meeting of the State Council in April 25th. She said the 7 measures are expected to reduce the tax burden on enterprises by about 60000000000 yuan in the whole year. Prior to this, Cheng Lihua said at the annual forum of Boao forum for Asia 2018 annual meeting, it is estimated that Chinas tax cuts and losses will exceed 1 trillion yuan in 2018.