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China might reduce or exempt interest income tax

www.chinanews.cn 2007-06-28 18:27:17

Chinanews, Beijing, June 28 �C This reporter has learned form the 28th
session of the Tenth NPC Standing Committee, held on Wednesday, that
China might reduce or exempt the interest income tax, a tax which has
been imposed in this countryfor eight years,
Entrusted by the State Council, Minister of Finance Jin Renqing recently
made explanations on some points in one related draft.
In order to adapt to the changes of the national economy and social
development, and to increase the interest gains of depositors, the State
Council, after careful consideration and discussions, had worked out a
the drafted resolution on reduction or exemption of the interest tax. The
NPC Standing Committee has empowered the State Council to approve the
proposal of reducing or exempting the interest gains tax, Jin said.
��New changes are taking place in Chinese society. Fixed assets
investment is growing rapidly and CPI is on the rise. The interest
incomes of Chinese depositors is becoming relatively smaller,�� the
Finance Minister said.
Right now, the State Council has approved the draft resolution and handed
it over to the NPC Standing Committee for discussion.
Chinese economy has been growing rapidly. As a result, the national
fiscal revenue has also increased. Under this situation, Chinese finance
departments can ��withstand the loss incurred by the reduction or
exemption of interest gains tax,�� Jin said.
By the end of 2006, China had collected 214.64 billion yuan of interest
tax.
��The interest income tax once played a positive role in encouraging
consumption, moderating individual incomes, and increasing the national
fiscal revenue,�� Jin noted.
On June 29, participants in the 28th session of the Tenth NPC Standing
Committee will vote for the proposal. If the proposal is passed, the
State Council will start to reduce or exempt the interest income tax in
linear of the needs of the country's economic and social developmental.

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