China Has Issued The First Resource Tax Law To Accelerate The Statutory Process Of Taxation.

On the 26 day, the twelfth session of the Standing Committee of the thirteen NPC voted to adopt China's first resource tax law. The law came into effect on September 1, 2020, releasing the important signal that the statutory process of Taxation in China has accelerated.

In December 23, 2018, the draft resource tax law was first submitted to the Standing Committee of the National People's Congress for deliberation, and the process of increasing provisional regulations from taxation to law was opened.

According to the introduction, 18 tax categories that China is implementing has 8 tax categories: enterprise income tax and personal income tax, which have been enacted.