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PACIFIC WATCH

China

August 23, 1993|From Times Staff and Wire Reports

Stricter Tax Policy Urged: Tax officials have asked China's central government to enforce a stricter tax policy that would eliminate tax breaks for foreign and domestic investors, according to the official China Daily. Yang Chonghun, deputy director general of the State Taxation Administration, said that the liberal tax policy and poor enforcement has cost the state huge amounts in lost revenue. This loss could thwart China's economic progress, the newspaper said. Local governments have violated the state's tax policy in recent years to encourage foreign investment, the newspaper said. Yang said local governments that continue to violate state tax policy will be punished.

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