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Shanghai's tax revenue declines amid reform
Shanghai's annual tax revenue declined about 20 billion yuan ($3.2 billion) in 2012, after the city launched a pilot tax reform program to replace business tax with value-added tax, which aims to avoid duplicated levies. Hu Lanfang, deputy director of the city's tax bureau, said that a total of 159,000 companies were included in the pilot program by the end of 2012. Taxation was clearly reduced for small-scale taxpayers and services-export companies, the Shanghai-based China Business News reported on Wednesday. Another 10 provinces and regions are likely to join the tax reform program soon, the Finance Ministry said last week.
Land sales surge to 120b yuan in 10 key cities
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