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Taxation Reforms and Changes in Revenue Assignments in China, Raju Singh, Ben Lockwood, Ehtisham Ahmad

Abstract
The value-added tax (VAT) in China has the unusual feature that capital goods are included in the VAT base. In addition, most services are subject to the business tax, which is not creditable against VAT, but which accrues to local governments, and operates as a turnover tax. On grounds of economic efficiency, it would be desirable to eliminate these distortions so that domestic producers are not increasingly placed at a disadvantage as China dismantles tariff and nontariff barriers on competing goods. Reforming indirect taxation would however generate considerable revenue losses for local governments and, in the absence of any compensatory mechanisms, there would be significant impediments to the needed reforms. This paper focuses on the extent of revenue losses, their distribution across provinces, and possible options for compensation
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. A SWITCH TO CONSUMPTION-BASED VAT""; ""III. EXTENSION OF THE VAT TO SERVICES""; ""IV. THE REVENUE-RETURNED SYSTEM""; ""V. CONCLUSIONS AND POLICY OPTIONS""; ""REFERENCES""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (25 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781462365043

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