Further tax reform needed for income redistribution
Updated: 2013-02-19 17:04
(Xinhua)
|
|||||||||
BEIJING - China will actively explore tax reforms related to personal income, property and social security in order to adjust the way income is allocated, said a senior official from the Ministry of Finance.
The government must actively study taxes as a means of redistributing income, as the country's widening income gap has seen no fundamental changes, said Jia Chen, head of the ministry's department of tax policies.
Jia said the government has to improve the personal income tax system, particularly by increasing taxes on the wealthy. He also said appropriate adjustments will be made regarding which items will feature consumption taxes and how much those taxes will be.
Property taxes for residential housing will be gradually expanded from the cities of Shanghai and Chongqing to other Chinese cities, Jia said, adding that China will also strengthen property tax reforms related to enterprise-owned property.
Jia also proposed levying social security taxes in order to establish a sound mechanism for funding social security.
The government unveiled guidelines to reform its income distribution mechanism in early February amid growing public concern over the widening wealth gap.
The document offers directions on an extensive range of policy areas, such as taxation, subsidies, the salary system, financial regulation, household registration and social security, in order to realize the goal of fairer income distribution.
- Li Na on Time cover, makes influential 100 list
- FBI releases photos of 2 Boston bombings suspects
- World's wackiest hairstyles
- Sandstorms strike Northwest China
- Never-seen photos of Madonna on display
- H7N9 outbreak linked to waterfowl migration
- Dozens feared dead in Texas plant blast
- Venezuelan court rules out manual votes counting
Most Viewed
Editor's Picks
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
TCM - Keeping healthy in Chinese way |
Poultry industry under pressure |
Today's Top News
Boston bombing suspect reported cornered on boat
7.0-magnitude quake hits Sichuan
Cross-talk artist helps to spread the word
'Green' awareness levels drop in Beijing
Palace Museum spruces up
First couple on Time's list of most influential
H7N9 flu transmission studied
Trading channels 'need to broaden'
US Weekly
Beyond Yao
|
Money power |