China is expected to accelerate the reform of taxation system following a decision by the Communist Party’s Central Committee to improve the system, the Chinese Securities Journal reported Monday, citing an analyst. Railways, postal, telecommunication and financial services sectors may be included under the trial scheme to replace business tax with valued-added tax soon, the report said. The government may also step up legislation on property tax and expand the pilot scheme next year. In addition, the report said that the current volume-based levy of coal resource tax is expected to be changed into a tax based on sales price.
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