2024-12-26
59 分钟The Chinese president has signed orders to enact three laws concerning value-added tax, supervision, and the popularization of science and technology(01:02). People in Indonesia’s Aceh province have commemorated the 20th anniversary of a devastating tsunami(20:51). Results of China’s fifth national economic census show that the country’s economy has achieved progress while maintaining stability over the past five years(31:00).
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This is the Beijing Hour, one hour of news and information brought to you every weekday.
Now, here's your host, Shane Bigham with you on this Thursday, December 26, 2024.
You're listening to the Beijing Hour, coming to you live from the Chinese capital.
On today's program, the Chinese president signed orders enacting three new laws following the legislative session that's now wrapped up in Beijing.
Azerbaijans in mourning for the victims of a plane crash on Wednesday and ceremonies in Indonesia have marked the 20th anniversary of a deadly tsunami that struck many coasts on the Indian Ocean.
In business, the results of China's 5th National Economic Census.
In sports, preparations for the start of the new tennis season.
In culture and entertainment, new opportunities for global entrepreneurs in China.
Now checking the day's top stories, Chinese President Xi Jinping has signed orders to enact three laws concerning value added Tax supervision and the popularization of science and technology comes after the national legislature wrapped up its latest session in Beijing.
Feng Yi Lei has more of the major highlights.
A number of important decisions were made.
Lawmakers passed the Value Added Tax Law, an amendment to the Supervision law, and the revised Science and Technology for Polarization law.
Here are the highlights.
Firstly, the adoption of the VAT law effective from January 1, 2026 marks a major step toward law based taxation with 14 out of 18 tax categories in China now codified in VAT, contributing about 38% of national tax revenue in 2023 is now China's largest tax source and the law formalizes exemptions while allowing flexibility to expand tax deductibles to support specific sectors which is seen as conducive to high quality development.
And also the legislation enhances the transparency and fairness in the tax system.
Secondly, amendments to the Supervision law enhance anti corruption measures and international cooperation as well as procedure efficiency and that reinforces the legal foundation for the nation's supervisory system.