China's Tax Revenue Increases by 10.9 %

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Last updated at: (Beijing Time) Saturday, July 13, 2002

China's Tax Revenue Increases by 10.9 %

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China's tax revenue in the first six months of this year rose to 841.3 billion yuan (101.7 billion U.S.dollars), up 10.9 percent from the corresponding period last year, the State Administration of Taxation (SAT) has announced.

But an official with the SAT said the increase rate was lower than previous year's.

Statistics show central tax revenue reached 507.3 billion yuan (61.3 billion U.S. dollars), up 9.8 percent over the corresponding period of last year. Tax revenue at local level reached 334 billion yuan (40.4 billion dollars), increasing 12.7 percent.

Value-added tax, excise and sales tax formed the major part of the increase, accounting for 71 percent together. Revenue from thethree sources was 32.6 billion yuan (3.94 billion U.S. dollars), 8.9 billion yuan (1.076 billion U.S. dollars), and 17 billion yuan (2.056 billion U.S. dollars) respectively.

Income tax saw a stable increase, totaling 190.7 billion yuan (23.059 billion U.S. dollars), up 13.7 percent, or 23.1 billion yuan (2.79 billion U.S. dollars).

The increase rate of personal income tax and foreign-funded enterprises was 27.7 percent and 31.4 percent respectively, while that of domestic companies was only three percent.

Revenue from import tariffs totaled 82.3 billion yuan (9.95 billion U.S. dollars), up 2.4 percent. Stamp duty on the stock market was 5.7 billion yuan (689 million U.S. dollars).

This year, tax revenue on car-purchases totaled 16.3 billion yuan (1.971 billion U.S. dollars), increasing by 30.8 percent, which equaled 3.8 billion yuan (459 million U.S. dollars).

Tax rebates for exports in the first six months totaled 70.5 billion yuan (8.523 billion U.S. dollars), up eight percent, with an added volume of 5.2 billion yuan (629 million U.S. dollars).

Sources with the SAT said the lowering of the tax revenue's increase rate was due to policies on decreasing taxation, which included the cut in sales tax in the financial and insurance industries, and the reduction of the stamp tax on securities.

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