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China makes steady progress in fiscal legislation in 2019: MOF

BEIJING, March 26 (Xinhua) — China made steady progress in fiscal legislation in 2019 to accelerate building a modern fiscal system and advance the modernization of China’s system and capacity for governance, the Ministry of Finance (MOF) said on Thursday.

In 2019, the resource tax law and the amended law on vehicle and vessel tax law were reviewed and approved by China’s top legislature, the Standing Committee of the National People’s Congress, the MOF said in an online statement.

The amended regulations for the implementation of the enterprise income tax law were promulgated by decree No. 714 of the State Council last year.

The legislature reviewed the draft law on urban maintenance and construction tax and the draft law on deed tax for the first time.

The draft of stamp tax law and the draft of land value-added tax law were submitted to the State Council for review.

Fiscal legislation work has also made important progress in other aspects such as value-added tax, consumption tax and tariff.

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