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Business tax in China to be replaced by VAT
Beijing : Business tax in China will be replaced by value added tax (VAT) before May 2016, a concrete step in deepening fiscal and taxation reform, the country's finance minister said on Monday.
 
"The progress in the VAT reform last year was slower than having planned, efforts would be made to meet the May 1 deadline," Xinhua quoted Minister of Fiance Lou Jiwei as saying on the sidelines of the National People's Congress annual session.
 
"Starting from May 1, the replacement of business tax with VAT will be extended to construction, real estate, finance and consumer services to ensure that the tax burdens on all industries is reduced," Premier Li Keqiang said.
 
The great number of corporate tax payers, about 9.6 million, in the four mentioned industries caused slow progress last year, Lou said.
 
Business tax refers to a levy on the gross revenue of a business while VAT refers to a tax levied on the difference between a commodity's price before taxes and its cost of production.
 
A pilot scheme on business tax-to-VAT was initiated in 2012.
 
From 2012 to the first half of 2015, the measure has resulted in tax savings of over 484.8 billion yuan ($75 billion), accounting for 0.2 percent of Gross Domestic Product in the period, according to China International Capital Corp. Ltd., a joint venture investment bank.
 
Lou encouraged businesses to make good use of the money saved from the VAT reform, especially by channelling it into higher efficient investment, to promote industrial upgrades, which satisfies the purpose of the ongoing supply-side structural reform.
 
"We may assure that VAT replacement means lower tax burdens for an industry as a whole but not necessarily means that any company in an industry would see lower taxes," Lou said.
 
Lou also said that his ministry was working with relevant agencies on property taxation and proposals on individual income tax reform.
 
However, he advised people not to hold their expectation too high as the reform will be in "a complicated process".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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'Women intend to quit jobs due to gender bias, harassment'
New Delhi : Working women, especially those in the private sector, desire to quit their jobs for a number of reasons, including gender bias and workplace harassment, according to a latest survey.
 
"About 40 percent of working mothers want to quit jobs to raise their kids. Gender bias together with workplace harassment and inconvenient working hours remained top reasons as to why majority of respondents wanted to quit their jobs," said a survey conducted by the Associated Chambers of Commerce and Industry of India (Assocham) under the aegis of its Social Development Foundation.
 
The survey was conducted ahead of International Women’s Day that is celebrated globally every year on March 8.
 
The association had interacted with a total of about 500 working women, including 200 working mothers in 10 cities of Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Lucknow, Mumbai and Pune during the course of past fortnight to gauge their career related goals.
 
About 25 percent of the total respondents said they wanted to quit their jobs and cited various reasons ranging from inconvenient working hours or late sitting, pay gap, gender bias, workplace harassment, lack of safety, poor working conditions, pursuit of higher education, family related issues and others, the survey said.
 
Motherhood and lack of quality time with family were the primary reasons to quit for 80 out of 200 working mothers interviewed by the association.
 
Regarding harassment, about 30 percent of the total women interviewed by ASSOCHAM said they had been harassed at work, were denied promotion and plum assignments.
 
Besides, many of them also said they did not get much support from their authorities if they complained and as a result felt bogged down further due to guilt and shame.
 
Most of the respondents said their organisations did not have redressal mechanisms in place and did not comply with legal requirements to provide a safe workplace for women and display a very casual approach to such issues.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Reliance Fresh CEO apologises to female customer, dismisses two staff
Kolkata : Tendering an unconditional apology to a woman customer who complained of sexual harassment at a company outlet here, Reliance Fresh dismissed two store employees, said a top company official.
 
The company also set up a two-member women's committee to inquire into the incident.
 
In a posting on social media, Reliance Fresh CEO Damodar Mall tendered the apology to the woman. 
 
"We welcome Rajshree ji (the customer) back to our store. We have terminated the offending staffer, Sumit Rajbhar, on account of gross indiscipline and breach of code of conduct," Mall posted.
 
Mall said the services of the on-duty store manager was also terminated for dereliction of duty.
 
According to him, a panel of Parbati Paul, retired deputy commissioner of police, and Sarita Joglekar, counsel at Reliance headquarters, will conduct an inquiry and report their findings within 72 hours from March 7.
 
Images captured on the closed-circuit television at the store have been given to Paul and others authorities.
 
The accused staff had flashed at Rajashree Tamang Lama, a final year law student at Calcutta University, following which she reported the matter to the duty manager, who allegedly did not take any serious action.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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