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China to close loopholes in tax law |
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August 19, 2000
BEIJING, AUG 18 (UNB/AP) - Amid a crackdown on corruption, China plans to close a loophole in its tax law that allows local authorities to transfer central government funds to their own coffers, a state-run newspaper said Friday. The proposed amendment, to be submitted to lawmakers next week, will also attempt to prevent firms from evading taxes through mergers and declarations of bankruptcy - now possible under the vagueness of the current law, the China Daily said. A "huge amount of taxation has been lost due to loopholes in the legislation," Yao Jiamin, an official with China's tax bureau, was quoted by the newspaper as saying. The legal revision comes amid an accelerating government campaign against rampant official corruption that is undermining public support for Communist Party rule. Legislators also will amend China's pharmaceutical law to clarify punishments for manufacturers and sellers of counterfeit and inferior-quality medicines, the China Daily said. Both amendments will be submitted Monday to the executive committee of the National People's Congress, China's legislature. |