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China not ready to collect inheritance tax
(Xinhua)
Updated: 2005-11-14 21:19
China will not impose inheritance tax in the near future because personal information is not clear enough, a senior financial official said.
Lou Jiwei, vice minister of finance, made this remark at the 2006 Seminar on Industry Development of China held here on Nov. 12 and 13.
Previously, the ministry revealed the suspension of related work, but discussions on this issue went on among the Chinese academic circle.
Some experts said China has to wait and see the outcomes of this controversial practice in other countries.
But others advocated its imposition, saying the tax can add to fiscal revenue and narrow the gap between rich and poor.
It is reported that Hong Kong's Legislative Council passed a regulation on this tax on Nov. 2 and will cancel the imposition early next year.
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