Tax policy to get a 'cosmetic' change, reports say

Plan seeks to exempt 'daily necessities' from levy by end of year

The Finance Ministry may scrap the consumption tax on ordinary cosmetics as part of a broader fiscal reform.

China will complete the main reform of its fiscal system by 2016 and will have a "modern" set-up in place by 2020, the Xinhua News Agency reported, quoting the Politburo as saying on Monday after a meeting.