Economy
22:46, 06-Jan-2019
Transfer of social insurance collection from enterprises suspended
Updated
22:18, 09-Jan-2019
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According to an online statement released by the Chinese State Administration of Taxation, the levy of enterprises social insurance will not be transferred to tax authorities for now.
This move aims to ease the burden on enterprises amid mounting downward economic pressure.
Sun Jie, the associate dean of the insurance school at the University of International Business and Economics, said that the levy of enterprises social insurance, including basic endowment insurance of enterprises' employees, will not be transferred to tax authorities for now to implement what President Xi Jinping said at a symposium on private enterprises on November 1, 2018.
“Due consideration should be given to the adaptability of private enterprises and potential contractionary effects when improving the collecting of social insurances,” said President Xi. He demanded the environment for private enterprises be improved in light of actual conditions.