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��Home>>Business
SAOT: not right time to cancel interest tax
www.chinanews.cn 2007-04-28 17:59:29
Chinanews, Beijing, April 28 - According to Song Lan, deputy director of
the State Administration of Taxiation (SAOT), it is not the right time to
cancel the imposition of interest tax, as its active effect must not be
overlooked.
Song released the information on April 27 in Beijing.
"Interest tax has been playing an important part in guaranteeing basic
social insurances, like unemployment insurance and endowment insurance
via financial transfers," said Song.
"All the interest tax collected has been used properly, and even become a
rigid financial expenditure. Besides, interest tax is a necessary tool to
modify the income distribution, as it has a bigger effect upon wealthy
people. Finally, interest tax helps promote demands and guide consumption
in the domestic market. Thus I believe it is too soon to cancel interest
tax right now," concluded Song.
��China should put an end to interest tax
��90% Chinese say interest tax "unreasonable", poll
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