China will formulate laws on tariffs and other taxes in 2022, according to a work report submitted Tuesday to the country's national legislature for review.

The move aims at improving the "legal system supporting the development of the socialist market economy," said the work report of the Standing Committee of the National People's Congress.

For this purpose, the country also plans to formulate laws on rural collective economic organizations, energy, futures and derivatives this year, the report said.

China's annual legislative plan also includes revising the Company Law, the Enterprise Bankruptcy Law, the Anti-Monopoly Law, the Railway Law, the Mineral Resources Law, the Animal Husbandry Law, and the Agricultural Products Quality and Safety Law, according to the report.

The country has formulated the Stamp Tax Law, appropriately simplifying the list of taxable items and cutting rates.

This means the country has now formulated laws on 12 out of the current 18 tax categories, the report said.

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