Tax reforms key to common prosperity–China Economic Net

Local levies, direct taxes to improve public services, redistribute wealth Expected acceleration of reform of China’s tax system this year could help drive policymakers’ initiatives for ushering in common prosperity, a national goal, officials and experts said on Thursday. Tax reforms will focus on improving local government levies and raising the proportion of direct taxes like income tax and property tax in the nation’s overall tax system. “Pilot programs of the property tax are expected in three to five cities this year, to be gradually expanded afterward,” said Shi Zhengwen, director of the Center for Research in Fiscal and Tax…