Agricultural taxes to be eliminated by 2006

Finance Minister Jin Renqing said by 2006 total amount of eliminated agricultural taxes would reach 80 billion yuan. Financial gap thus resulted would be born by the central finance and local finance according to certain percentage.

Jin Renqing went on to say that about 80 percent of the tax revenue reduction would be born by the central finance and around 20 percent by the respective provinces according to policy, which will mainly be the eastern areas. The central and local finances would make sure that all reduced revenues be shifted to counties and towns.

By People's Daily Online