Page 51 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

We will work to accelerate the revision of the Accounting Law and the Law on
Certified Public Accountants, and enhance oversight on the quality of accounting
information and the quality of work done by relevant intermediary agencies. We

will facilitate links and coordination between accounting oversight and other types
of oversight, so as to ensure the sharing of relevant information, leads, and results.

We will look into using modern information technology solutions such as the
Internet plus model of regulation and big data to enhance the efficiency of
oversight.

7. Deepening fiscal and tax system reform
We will improve the modern budget system, make budget management more

holistic, develop the system of standards for expenditures, and refine the system
for guaranteeing basic public services and defining relevant standards. We will

further clarify the fiscal relationship between governments at and below the
provincial level, establishing for them a fiscal system whereby power and

responsibility are better defined, revenue allocation is more standardized, fiscal
distribution is relevantly balanced, and local needs are better satisfied. We will
improve the system of transfer payments by standardizing payment categories and

refining regular evaluation and exit mechanisms, so as to realize sounder
management in this regard across the board. We will look into optimizing the

taxation scope for adjusted gross income subject to personal income tax and refine
the items for which special additional deductions can be claimed. We will reform

the VAT system, free up the channels for making tax deductions, and optimize the
institutional design for VAT credit refunds. We will steadily advance the

development of local tax systems. We will enhance lifecycle management of
state-owned assets in administrative departments and public institutions, improve
the quality of compilation and level of IT application for reports on state-owned

assets, and see that all requirements regarding the centralized and unified
management of state-owned financial capital are implemented.

8. Submitting to budget review and oversight of the NPC
We will implement the Decision to Strengthen Examination and Oversight of

Central Government Budgets of the NPC Standing Committee, continue to refine
the details and scope of government and department budgets to be reported to the

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