BEIJING (Reuters) – China will implement consumption tax reform step-by-step and standardise management of local governments’ non-tax revenues, Vice Finance Minister Wang Dongwei said at a press conference in Beijing on Wednesday.
China will also strengthen fiscal policy adjustments and deepen fiscal and tax reforms, Wang said.
According to a Communist Party meeting this month, local administrations will gradually be allowed to retain more of the consumption tax, which is currently transferred to the central government and accounts for almost a tenth of all revenues.
(Reporting by Kevin Yao and Ellen Zhang; Editing by Tom Hogue)
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