The National Budget Regulatory Fund (NBRF) was introduced in January 1989, alongside the National Construction Funds for Key Projects in Energy and Transportation (NCFKPET), which was established in January 1983. Together, both two funds were referred to as the “Two Funds.” The purpose of these funds was to strengthen macroeconomic regulation, poll certain fiscal resources, promote reforms and construction smoothly, and accelerate national economic development. The NBRF was intended to be collected based on the principles of mandatory taxation and non-compensation. However, by the end of 1995, it was decided to suspend the collection of the Two Funds nationwide, with the tax authorities responsible for their collection during the period when they were in effect.

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The National Budget Regulatory Fund

  • Zhang Jingjing

摘要

The National Budget Regulatory Fund (NBRF) was introduced in January 1989, alongside the National Construction Funds for Key Projects in Energy and Transportation (NCFKPET), which was established in January 1983. Together, both two funds were referred to as the “Two Funds.” The purpose of these funds was to strengthen macroeconomic regulation, poll certain fiscal resources, promote reforms and construction smoothly, and accelerate national economic development. The NBRF was intended to be collected based on the principles of mandatory taxation and non-compensation. However, by the end of 1995, it was decided to suspend the collection of the Two Funds nationwide, with the tax authorities responsible for their collection during the period when they were in effect.