2023
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06
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30
China's current tax framework was put in place after the tax reform in 1994 to meet the needs of the socialist market economy. Since the beginning of 21st century, the Chinese government has made a series of adjustments and improvements to the tax system, which has guaranteed the government's revenue and contributed to the country's rapid economic growth.Milestones2006Agricultural Tax, which had existed for over 2000 years in China, was abolished.2007Urban Land Use Tax System for domestic enterprises (DEs), foreign enterprises (FEs) and individuals were integrated.2008Enterprise Income Tax systems for DEs and FEs were integrated.2009◆ Real Estate Tax systems for DEs and FEs were integrated.◆ Fee-to-Excise Tax conversion on refined oil products was adopted.◆ VAT transformation f...