Political advisors suggest income tax cut
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China, known for its sparing consumers, should relieve its tough income tax levies, said Xu Shanda, former chief of the State Administration of Taxation and a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Nanfang Daily reported Wednesday.
The country should work out a long term plan on steady tax reduction that tally with its market economy, Xu added.
The former taxation chief's suggestion was echoed by Li Shufu, chairman of automaker Geely Group and also a member of CPPCC, the nation's top political advisory body.
Li proposed the income tax baseline should be raised from the current 2,000 yuan (US$293) benchmark to 5,000 yuan (US$733). He also suggested the country's taxation system be more flexible with a biyearly regular adjustment according to macro-economy and price level.
The country's annual national CPPCC meeting kicks off at 3 pm Wednesday at the People's Great Hall in Beijing.
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