USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Macro

Chinese lawmakers review draft law on tobacco leaf tax

Xinhua | Updated: 2017-08-28 15:13

BEIJING - Chinese lawmakers began the review of a draft law on a tobacco leaf tax Monday, the law will replace a regulation that has been in place since 2006.

The draft law was given a first reading at a five-day bimonthly session of the National People's Congress Standing Committee, which opened Monday.

The law stipulates that a tax rate of 20 percent will be levied on tobacco leaf buyers, which is unchanged from the previous regulation.

China began collecting tax on tobacco leaf sales in 2006. Revenue from the tax totaled 109.7 billion yuan ($16.6 billion) between 2006 and 2016, up 12 percent year-on-year on average.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US