China’s continued efforts to reduce taxes have benefited more businesses and individuals, an official said. New tax cuts saved 341.1 billion yuan (around US$50 billion) for tax payers in the January-March period, Cai Zili with the State Taxation Administration said Tuesday at a press conference. Cai said the cut was more inclusive and sharper than […]
Fiscal spending and more tax cuts to ensure steady growth
China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small companies, finance ministry officials announced yesterday. China’s fiscal spending rose 8.7 percent to a record high of 22.1 trillion yuan (US$3.3 trillion) in 2018, while revenue increased 6.2 percent to 18.3 trillion yuan, […]
Govt widens its scope to tax foreign companies in a digital economy
India has introduced equalisation levy via the backdoor, by widening the widened the provisions of its Income-tax laws. The proposals in the Finance Bill, 2018, will enable Indian tax authorities to tax the profits of a foreign company, even if it has no physical presence, such as an office, employees or dependent agents in India. […]
