December 3, 2019 / 8:56 AM / 11 days ago

China's finance ministry publishes draft law on consumption tax

BEIJING (Reuters) - China’s finance ministry published a draft law on consumption taxes on Tuesday that would give China’s cabinet the power to adjust the rates applied to various goods when necessary.

The draft law also gives the cabinet the ability to launch pilot programs that would allow for adjustments of rates and products subject to taxation.

Beijing has in recent months been reducing tax burdens on companies and consumers to support growth and encourage domestic spending.

Reporting by Yawen Chen and Se Young Lee; Editing by Andrew Heavens

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