China Tax Revenue Tops 266 billion Yuan in Jan., Feb.

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Last updated at: (Beijing Time) Tuesday, March 12, 2002

China Tax Revenue Tops 266 billion Yuan in Jan., Feb.

China's tax revenue reached 266 billion yuan in the first two months of this year, up 13 percent from the same period last year.

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China's tax revenue reached 266 billion yuan in the first two months of this year, up 13 percent from the same period last year.

According to figures released by the State Administration of Taxation (SAT) Tuesday, taxes from production and consumption accounted for 80 percent of the increase in tax revenue during the period. Value added tax revenue grew by 17.5 percent year-on-year to 99.7 billion yuan, while consumption tax jumped 34.2 percent to 16.9 billion yuan. Sales tax increased by 14 percent to 47 billion yuan.

SAT figures showed that in the first two months of the year, income tax from individuals and businesses with foreign investment grew by 29.3 percent and 45.9 percent respectively, but income tax from Chinese businesses dropped by 7.7 percent.

During January and February, tax rebates on exported goods rose 106.5 percent from the same period last year to 32.8 billion yuan.

According to the SAT analysis, the steady increase in China's tax revenue in the first two months was due to the steady growth of China's economy and stricter controls on tax collection. The rapid increase in taxes from industries like the tobacco and metallurgy industries contributed greatly to the increase in tax revenue.

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