Tax reforms key to common prosperity
China DailyLocal levies, direct taxes to improve public services, redistribute wealth Expected acceleration of reform of China's tax system this year could help drive policymakers' initiatives for ushering in common prosperity, a national goal, officials and experts said on Thursday. Tax reforms will focus on improving local government levies and raising the proportion of direct taxes like income tax and property tax in the nation's overall tax system. "After the high-level meeting, the property tax pilot may acquire a certain sense of certainty and urgency, although the country's economic growth may face headwinds in the second half of this year," said Shi. Shi Zhengwen from the China University of Political Science and Law said he expects a big move in individual income tax reform sometime next year.
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Tax reforms key to common prosperity
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