China Considers Tax Incentives To Boost Card Acceptance
Zhang Fengming reports for the Shanghai Daily that policy makers in China at the country's central bank are considering "preferential tax plans to boost its bank card-based consumption".
The plans call for a launch of preferential tax rules to encourage shops to buy POS (points of sale) machines which help tax revenue collection and give more policy thrust to those small and medium-sized shops that are reluctant to use bank cards, the People's Bank of China said in a statement on its Website yesterday, without giving more detailed plans."Bank card development will help boost consumption, cut cash circulation, reduce transaction cost and drive up anti-money laundering activities," the statement said, citing a meeting held yesterday by nine central-level administrations including the central bank, the country's top planning body, finance, commerce, information, and tax ministries.
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