- News>
- World
China waives tax burden on SARS-hit industries
Beijing, May 10: China has decided to temporarily waive or reduce the tax burden on some of the service sector industries like tourism, transportation and hospitality that have been devastated by the outbreak of SARS epidemic.
Beijing, May 10: China has decided to temporarily waive or reduce the tax burden on some of the service sector industries like tourism, transportation and hospitality that have been devastated by the outbreak of SARS epidemic.
The reduction, effective from May 1 to September 30, 2003 involves over a dozen categories of fees levied both by the Central and local governments, the state development and
reform commission said in a press release.
A decision to this effect has been taken by the Chinese cabinet yesterday. The beneficiaries include restaurants, hotels, trading markets, and tourism, entertainment, civil aviation, road transportation, water transportation, taxi and bus industries.
The commission said enterprises whose income goes to the central government will have the fees for pollutant emission and maintenance of trunk waterways along the Yangtze river waived and the charge on annual examination exempted from their registration fee. For enterprises whose income goes to localities, the authorities of various provinces, autonomous regions and municipalities are responsible for deciding whether to waive or reduce these fees, it said.
In Beijing, the municipal government said taxi drivers would have a 50 per cent reduction in the rental fees they pay to taxi companies during the period between May and July.
The SARS crisis has triggered concerns among economists about the state of international balance of payments this year by the country, the China Daily reported today. Both the current account, which covers trade, and the capital account, covering direct investment and securities investments, could suffer from the consequences of the SARS crisis, it said.
Bureau Report
A decision to this effect has been taken by the Chinese cabinet yesterday. The beneficiaries include restaurants, hotels, trading markets, and tourism, entertainment, civil aviation, road transportation, water transportation, taxi and bus industries.
The commission said enterprises whose income goes to the central government will have the fees for pollutant emission and maintenance of trunk waterways along the Yangtze river waived and the charge on annual examination exempted from their registration fee. For enterprises whose income goes to localities, the authorities of various provinces, autonomous regions and municipalities are responsible for deciding whether to waive or reduce these fees, it said.
In Beijing, the municipal government said taxi drivers would have a 50 per cent reduction in the rental fees they pay to taxi companies during the period between May and July.
The SARS crisis has triggered concerns among economists about the state of international balance of payments this year by the country, the China Daily reported today. Both the current account, which covers trade, and the capital account, covering direct investment and securities investments, could suffer from the consequences of the SARS crisis, it said.
Bureau Report