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08:37, 29-Aug-2017
Chinese lawmakers review draft law on tobacco leaf tax
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Chinese lawmakers began the review of a draft law on a tobacco leaf tax Monday, the law will replace a regulation that has been in place since 2006.
The draft law was given a first reading at a five-day bi-monthly session of the National People's Congress Standing Committee, which opened Monday.
The law stipulates that a tax rate of 20% will be levied on tobacco leaf buyers, which is unchanged from the previous regulation.
China began collecting tax on tobacco leaf sales in 2006. Revenue from the tax totaled 109.7 billion yuan (about 16.6 billion US dollars) between 2006 and 2016, up 12% year-on-year on average.
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Source(s): Xinhua News Agency