China's Tax Revenue Up 21 Percent in 1st 10 Months

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Last updated at: (Beijing Time) Thursday, November 29, 2001

China's Tax Revenue Up 21 Percent in 1st 10 Months

China's tax revenue jumped 21. 1 percent year-on-year, the State Administration of Taxation said Wednesday. The income accounted for 93.3 percent of the planned tax revenue for this year. Major increase was also seen in the value-added tax.

Tax revenue increased significantly

China's tax revenue jumped 21. 1 percent year-on-year, or 218.3 billion yuan, to 1.25 trillion yuan in the first 10 months of this year, the State Administration of Taxation said Wednesday.

The income accounted for 93.3 percent of the planned tax revenue for this year.

Of the total, 738.1 billion yuan flew into the state coffer, and 513.4 billion yuan was collected by local governments.

The administration said that the monthly tax revenue averaged more than 100 billion yuan this year, with the highest of 151.1 billion yuan recorded in April.

Value-added tax rose too

Major increase was seen in the value-added tax, consumption tax, and enterprise and individual income tax in the 10 months, while the taxation gap between the eastern region and central and western regions was shrinking, the administration said.

A spokesman with the administration attributed the steady increase in tax revenue to the country's sustained, healthy economic growth, the hard work of the taxation department and a better public awareness of the duty to pay taxes.

Current Situation of China's Taxation

The national taxation presents two features: one is marked change in structure of tax categories, the other is the narrowed tax gap between eastern, central and western regions. The tax revenue increase in the Jan-Sept period was attributed mainly to the contribution of value-added-tax, consumption tax and income taxes, which made up approximately 80 percent of the total volume of increased tax revenue. Besides, the faster tax-income growth rate in central and western regions has reduced their gap with the eastern region in this regard.

Influenced by an economic slowdown and a variety of uncertain factors in the second half of this year, the growth rate of tax revenue has witnessed a visible downturn since this August, and this trend is expected to continue into the last quarter of the year, but tax revenue will continue to grow, and this good momentum will be maintained for the whole year.

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