China to finish drafting laws on value-added tax, consumption tax this year

The Ministry of Finance on Feb 26 unveiled a legislative work plan for 2020, pledging to complete drafting a raft of laws and regulations this year.

The ministry will strive to finish within this year drafting laws on value-added tax, consumption tax and tariff, revising the government procurement law, revising regulations on implementing the government procurement law, and drafting the law on managing the State-owned financial capital, it said.

Revision of laws on accounting, certified public accountants and regulations on accessing and managing State-owned assets and punishing fiscal violations will be carried out and reported to the State Council in due course, the ministry said.

It will also conduct legislation research on State-owned asset management, government non-tax revenue management and other spheres, according to its work plan.