Chinese provinces mull tax reform

June 11th, 2012 - 7:35 pm ICT by IANS  

Beijing, June 11 (IANS) China will initiate far-reaching tax reforms in nearly a dozen provinces and cities this year.

The finance ministry has already approved a tax-reform application from Anhui province.

Anhui will replace the turnover tax with value-added tax (VAT) in October.

Nine other regions, including Beijing and Shanghai, will launch VAT, China Daily reported Monday.

The government is introducing VAT in the transport sector and some services sectors to avoid double taxation. China has vowed tax reform to accelerate economic growth.

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