China Reports 11% Growth in Tax Revenue

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Last updated at: (Beijing Time) Monday, September 16, 2002

China Reports 11% Growth in Tax Revenue

China's tax revenue amounted to 1. 121 trillion yuan (135 billion US dollars) during the first eight months of this year.

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China's tax revenue amounted to 1. 121 trillion yuan (135 billion US dollars) during the first eight months of this year.

The figure represents a growth of 11 percent or 111.4 billion yuan (13.4 billion dollars) over the same period last year, officials with the State Administration of Taxation has said.

This stable growth lays a good foundation for the country to reach its tax revenue target set earlier this year, according to the official.

Excluding tariff and agricultural tax, the tax revenue includes 682 billion yuan (8.3 billion dollars) collected by the central government, up 10.6 percent, and 438.9 billion yuan (5.35 billion dollars) collected by local governments.

Indirect tax has also become the major part of the tax revenue, totaling 646.7 billion yuan (7.88 billion dollars) during the eight-month period, up 12.7 percent, accounting for 65.4 percent of the total increased tax revenue.

Income tax from overseas-funded enterprises increased 29 percent and individual income tax revenue also grew by 23.8 percent, while income tax from Chinese enterprises rose only 4.3 percent.

Source: Xinhua

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