30 May '13, 6am

China May Start Taxing More Luxury Goods

China May Start Taxing More Luxury Goods

China may start levying taxes on an increasing number of luxury goods as part of the country’s efforts to push forward economic reform. More products might be taxed, as part of the country’s tax reform plans for this year, said Kong Jingyuan, a director-general at the National Development and Reform Commission. The guidelines for tax reforms were published by the Central Government on Friday. In the guideline, the NDRC pledged to “properly modify the rate and scope of consumption taxes”. According to Kong, the changes will be carried out both in terms of rates and structures. Taking into consideration the increasing national income levels, some products that used to be regarded as luxury goods are now seen as daily necessities and thus will not be taxed as luxury products, he said. In addition, he said, some goods that have become more common in recent years, such as luxur...

Full article: http://www.luxuo.com/luxury-trends/luxury-goods-taxes-in-...

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