Research Meeting on Reform of Consumption Tax on September 4th

Sep.09.2024

Changde Municipal People's Congress Committee holds symposium on consumption tax reform with focus on industry impact and suggestions.

On September 4, the Municipal People's Congress Finance and Economics Committee (Budget Work Committee) held a symposium on the reform of consumption tax. Deputy Director of the Municipal People's Congress Standing Committee and Level I Inspector Yin Zhengxi attended the meeting.

During the meeting, the Municipal Finance Bureau, Municipal Commerce Bureau, Municipal Taxation Bureau, Municipal Tobacco Monopoly Bureau (Company), Hunan Zhongyan Changde Cigarette Factory, Hunan Wuling Liquor Co., Ltd., and Hunan Deshan Liquor Co., Ltd. elaborated on the current situation and expected reforms of consumption tax from a professional perspective within their respective industry sectors. They analyzed the potential impacts of consumption tax reforms on the development of enterprises in Changde City, tax base cultivation, tax revenue management, and proposed relevant suggestions and opinions.

Yin Zhengxi emphasized the importance of thoroughly understanding the situation, especially the backgrounds of key industries and specific taxes, in order to calculate the economic impact accurately. He also stressed the need to base decisions on the actual conditions in Changde, conduct in-depth research on consumption tax reform, and fully understand the potential effects on the city. Planning early response measures and preparing contingency plans for consumption tax reform to take proactive action. He highlighted the need to focus on key issues, maintain a solid foundation, and actively seek policy support.

References:

[1] 市人大财经委召开消费税改革调研座谈会

Also Read:

[1] State Tobacco Monopoly Administration E-cigarette Trading Management Regulations Communication

[2] Scientific Achievement from China Tobacco Hunan IC. Released at 2023 CORESTA

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