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|  | | NPC & CPPCC propose to levy tonnage-based tax system on shipping enterprises |
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¡¡¡¡On March 5th, during the session of NPC & CPPCC, Zhang Fusheng, Representative of the NPC and Chief Party Secretary of COSCO Group, has presented the Proposal on levy tonnage-based tax system on shipping enterprises.
¡¡¡¡To provide a fairer environment of competition to our shipping enterprises and to stimulate a even faster development in China's shipping industry, Zhang Fusheng recommended to implement the prevailing tax system among maritime powers - the tonnage-based tax system, which is the profits tax based on tonnage, rather than that in accordance with the company's actual operating profits. The tax rate is generally lower than the normal corporate income tax.
¡¡¡¡After listing information collected from the Netherlands, the US, the UK, South Korea and Japan, where the tonnage-based tax system has been widely applied, Zhang Fusheng pointed out that the practice is to contribute to the stability of China's financial revenue; be conducive to enhancing the international competitiveness of Chinese shipping enterprises; increase the number of domestically registered ships; create a level environment of competition and promote development in the shipping-related industries.
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