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Search resuls for: "Taxation Administration"


3 mentions found


☆ China's local government debt problems are a hidden drag on economic growth
  + stars: | 2024-09-16 | by ( Evelyn Cheng Anniek Bao | Evelyn Cheng | Anniek Bao | ) www.cnbc.com   time to read: +6 min
Local governments in China are still building highways, bridges and railways, as pictured here in Jiangxi province on Sept. 6, 2024. That's cutting significantly into local government revenue, especially at the district and county level, according to S&P Global Ratings analysts. watch now"Macroeconomic headwinds continue to hinder the revenue-generating power of China's local governments, particularly as related to taxes and land sales," she said. Jiangsu, Shandong, Shanghai, and Zhejiang — some of China's top provinces in tax and non-tax revenue generation — see non-tax revenue growth exceeding 15% year-on-year growth in the first half of 2024, S&P's Huang said. China's national taxation administration in June acknowledged some local governments had issued such notices but said they were routine measures "in line with law and regulations."
Persons: Huang, P's Huang, Camille Boullenois, Laura Li, Morgan Stanley, Chetan Ahya, Robin Xing Organizations: Getty, BEIJING, Global, CNBC, NingBo BoHui Chemical Technology Locations: China, Jiangxi, Beijing, Zhejiang, NingBo, Jiangsu, Shandong, Shanghai, Asia
☆ China slaps consumption tax on fuel blending components
  + stars: | 2023-07-01 | by ( ) www.reuters.com   time to read: +1 min
BEIJING, July 1 (Reuters) - China announced late on Friday that a series of fuel blending components would be subject to consumption tax with immediate effect, according to a joint statement of the Ministry of Finance and the State Taxation Administration. The consumption tax rate on isooctane, a blending component for gasoline, would be the same as for gasoline, the statement said. The tax on all types of white oil -- crude white oil, light white oil and some industrial white oil -- would be levied at the same rate as for solvent oil. These fuels are often used for making diesel fuel. The tax on other products, like mixed aromatics and heavy aromatics, also used for making gasoline, would be levied at the same rate as for naphtha.
Persons: Sophie Yu, Chen Aizhu, Simon Cameron, Moore Organizations: Ministry of Finance, Taxation Administration, Thomson Locations: BEIJING, China, Beijing, Singapore
☆ China tax department says economy's rebound to be further consolidated
  + stars: | 2023-04-06 | by ( ) www.reuters.com   time to read: +1 min
BEIJING, April 6 (Reuters) - The rebound of China's economy will be further consolidated and tax revenues in the second quarter will likely grow faster, but the economy still faces many uncertainties at home and abroad, the taxation administration said on Thursday. The world's second-biggest economy grew 3% last year, the weakest in nearly half a century. To spur growth in 2022, China cut fees and gave credit rebates on tax to private businesses that were hit hard by stringent COVID-19 lockdowns and curbs. In 2022, the tax and fee cuts, tax refunds and deferred payments totalled 4.2 trillion yuan, according to the finance ministry. That included 2.4 trillion yuan in VAT tax rebates, the largest in recent years.
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