02.10.2010 18:55

Getting Smart About Taxes

Rebates and rate cuts rearrange the fiscal landscape, but real reform will require some difficult decisions
By staff reporter Wang Changyong

(Caixin Online) For much of 2009, china seemed headed for a fiscal hangover. Tax revenues fell sharply in each of the first four months of the year, as the global financial crisis dragged on. By July, revenues were showing a cumulative negative growth rate. But the economy began to rebound in the fall, and revenues along with it. By the end of November the tax take was up 9.8 percent over the first 11 months of 2008, putting China on track to hit its budgeted 8 percent increase for the full year.

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