BEIJING: Chinese lawmakers voted to adopt two new tax laws on Tuesday, one on urban construction and maintenance tax, and the other dealing with deed tax.
The two laws were passed at the 21st session of the Standing Committee of the 13th National People’s Congress (NPC), China’s top legislature. Compared with the provisional regulations on urban construction tax, the Urban Construction Tax Law no longer stipulates the special purpose of such taxes. The Deed Tax Law, which is based on the provisional regulations on deed tax, appropriately extends preferential tax policies and simplified tax-return procedures.
By combining the declaration and payment of the deed tax, the law will reduce the burden on taxpayers and improve the efficiency of tax collection and management, said Wang Jianfan, an official with the Ministry of Finance.