China To Promote Fiscal And Taxation Reform

China will promote a new round of fiscal and taxation reform, said Finance Minister Lan Fo’an as he delivered a report on the 2023 central government final accounts, National Business Daily reported. Going forward, authorities need to improve the local tax system, and the rules for central and local tax sharing, the newspaper said, citing Lv Bingyang, director of Institute of Finance and Taxation, Renmin University. Experts believe consumption tax, which is currently exclusively collected by the central government, has strong chances for reform, with Shi Zhengwen, professor at China University of Political Science and Law noting authorities could move the tax collection process from the production to sales stage, starting with high-end watches, precious jewelry and jade.