Shanghai Reports 23 Percent Growth in Tax Revenue in 1st Quarter

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Last updated at: (Beijing Time) Wednesday, April 17, 2002

Shanghai Reports 23 Percent Growth in Tax Revenue in 1st Quarter

Shanghai, the largest industrial and commercial center in China, recorded a 23.3 percent growth in its tax revenue for the first quarter of this year, local taxation authorities said Wednesday.

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Shanghai, the largest industrial and commercial center in China, recorded a 23.3 percent growth in its tax revenue for the first quarter of this year, local taxation authorities said Wednesday.

The authorities said the quarterly revenue amounted to 36.77 billion yuan, 6.96 billion yuan more than the same period of last year.

Taxation experts described the figure as a record high.

The major sources of the tax revenue are turnover tax, tax collected from overseas-funded firms and individual income tax.

The overall turnover tax revenue collected during the quarter increased by 5.8 billion yuan over the same period of last year, accounting for 66.3 percent of the total increased tax revenue.

The experts said increased tax revenue from share-holding and overseas-funded firms, or 2.7 billion yuan and 2.5 billion yuan, respectively, accounted for 60 percent of the total increased revenue.

Tax revenue from state-owned enterprises, meanwhile, totaled 7. 2 billion yuan, up 34.8 percent over the same period of last year, tax experts said.

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