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Thursday, December 29, 2005

China Repeals 2600 Year-Old Tax

China_flag_1 China's legislature voted to repeal the country's 2,600 year-old agriculture tax.  From press reports:

Agricultural tax, China's most ancient tax category, started to be collected in 594 BC. From that time, agricultural tax has existed for 2,600 years in China with dominant rural economy. During the more than 2,000 years, agricultural tax was always the main source of the country's coffer. Since the founding of the People’s Republic of China in 1949, agriculture has made great contribution to the country's economic development.

(I doubt the Internal Revenue Code will make it to year 4554!  (Thanks to Michael Knoll (Pennsylvania) for the tip.)

http://taxprof.typepad.com/taxprof_blog/2005/12/china_repeals_2.html

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Comments

You're right. They will phase it out between 4503 and 4512.

Posted by: Jack Bog | Dec 30, 2005 2:07:23 AM