China's Luxury Tax

The Standard reports:

China is planning to expand a consumption tax on luxury items such as jewelry and adjust upward other taxes in an effort to even out income distribution and reduce poverty.

Ongoing tax reforms should include adjustments to personal income, property and consumption taxes in an effort to "strengthen the role of taxation in reducing poverty," China Business News cited State Administration of Taxation deputy chief Wang Li as saying.

To read more:

http://www.thestandard.com.hk/news_detail.asp?we_cat=3&art_id=31913&sid=10893184&con_type=1&d_str=20061116