Approach to taxation

India's commerce and finance ministry should learn a thing or two from China's approach...

China may cut import duties on luxury goods and cosmetics to encourage wealthy consumers in the mainland to buy such products at home rather than abroad, Vice Commerce Minister Jiang Zengwei said.

“Such wealthy consumers exist and instead of them spending their money overseas, why not keep them in the country,” Jiang said in a commentary published in the People’s Daily today. “Lowering the duties will boost the imports of luxury products and that will spur domestic retail sales.”