Arab Today, arab today xinjiang benefits from tax reform
Last Updated : GMT 17:37:48
Arab Today, arab today
Arab Today, arab today

Xinjiang benefits from tax reform

Arab Today, arab today

Arab Today, arab today Xinjiang benefits from tax reform

Xinjiang benefits from tax reform
Urumqi - XINHUA

Since adopting a pilot reform to replace business tax with value-added tax (VAT) two years ago, Xinjiang has witnessed a tax reduction of about 4 billion yuan (635 million U. S. dollars), regional taxation authorities said Monday.

Wu Jimin of the Xinjiang Uygur Autonomous Region's taxation bureau, said a total of 59,000 enterprises had been included in the program by the end of June, about three times of the number when the pilot was initiated in August 2013.

Shen Xiang, legal representative of Jinbao, a logistics company in the regional capital of Urumqi, said that before the reform, the company had to pay 300 yuan in business tax for every 10,000 yuan of income without any deductions. Now the business tax has been substituted by VAT at 11 percent, and the cost of vehicle repairs and material can be used as a deduction. The company has seen a tax cuts of 520,000 yuan last year, he said.

Wu said the tax reform has boosted market confidence and employment. Statistics from the office shows that fixed assets investment in transportation, warehousing and mail businesses grew 33.2 percent in 2014. Investment in information transfer, computers and software saw an yearly increase of 29 percent.

During last year, newly registered businesses in the service sector brought about 300,000 new jobs. Tertiary industries in the region recorded an added value of 380 billion yuan, up by 10.9 percent from 2013.

Business tax and VAT are two major tax categories in China. Business tax is a tax on the gross revenue of a business, while a VAT is levied on the difference between a commodity's price before taxes and its cost of production.

The VAT reform program, initially launched in Shanghai in January 2012, is considered a taxation reduction, especially for the service sector.

Nationwide, the program has led to a fall in fiscal revenue of 192 billion yuan in 2014, according to the State administration of taxation.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today xinjiang benefits from tax reform Arab Today, arab today xinjiang benefits from tax reform

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday