Consumption tax (special goods and services tax) is the general name of all kinds of taxes that tax the turnover of consumer goods. This is a tax levied by the government on consumer goods. The collection link is single, and most of them are paid in the production or import link. Consumption tax is a typical indirect tax. Consumption tax is a newly set tax in turnover tax in 1994 tax system reform. Consumption tax is an in-price tax, which exists as a part of the product price, and the tax is ultimately borne by consumers. Taxpayers of consumption tax are units and individuals that produce, sell, wholesale and import taxable consumer goods stipulated in the Provisional Regulations of People's Republic of China (PRC) on Consumption Tax.

Development history of consumption tax:

1994 formally established the consumption tax system.

Adjust the scope of consumption tax in 2006.

In 2008, the consumption tax policy of passenger cars was adjusted and the consumption tax regulations were revised.

In 2009, the reform of refined oil taxes and fees was implemented, and the consumption tax policy of tobacco products was adjusted.

In addition to the above major reforms, since 1994, according to the needs of economic and social development and the requirements of national industrial policies, the scope, tax rate structure and collection links of consumption tax have been continuously improved and adjusted.

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Response time: 2021-11-16. Please refer to the latest business changes announced by Ping An Bank in official website.