China's Tax Revenue Tops 1.7 Trillion Yuan in 2002

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Last updated at: (Beijing Time) Friday, January 03, 2003

China's Tax Revenue Tops 1.7 Trillion Yuan in 2002

By latest statistics from SATC, China netted 1.7004 trillion yuan of revenue in 2002, a 12.1 percent growth or an equivalent of 183.2bn yuan over the previous year, while more than doubling 822.5bn yuan in 1997. Director-general with SATC Jin Renqing held that the tax revenue in 2002 achieved a historic leap, coupled with an establishment of a mechanism of sustained and steady growth in tax revenue.

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By latest statistics from the State Administration of Taxation of China (SATC), China netted 1.7004 trillion yuan of revenue in 2002, a 12.1 percent growth or an equivalent of 183.2bn yuan over the previous year, while more than doubling 822.5bn yuan in 1997. Director-general with SATC Jin Renqing held that the tax revenue in 2002 achieved a historic leap, coupled with an establishment of a mechanism of sustained and steady growth in tax revenue.

In a perspective of tax types, all mainstream taxes but the business income tax on domestic-funded enterprises showed a sound momentum of growth. The domestic value-added tax (V.A.T.) reversed the trend lagging behind the total revenue in terms of range of increase. By implementation of tax exemption, offsetting and refund procedures in an all-round way, V.A.T. hit 627.5bn yuan in 2002, up 82.2bn yuan. The domestic consumption tax increased by 11.5bn yuan to 104.6bn yuan. The business income tax on foreign-funded or foreign enterprises grew by 10.5bn yuan to stand at 61.6bn yuan. The individual income tax maintained a momentum of rapid growth, up 20.9bn yuan to total 120.5bn yuan. Spurred by increase of importing, tax on imported products levied by customs rose by 22.9bn yuan to 188.8bn yuan. In 2002 the stamp duty on securities transaction totaled 11.2bn yuan. Export rebates by tax organs nationwide were worth 125.8bn yuan, an increase of 17.9 percent worth 19.1bn yuan over the previous year.

In 2002 the tax revenue took up 16.7 percent of the gross domestic product (GDP), up 0.9 percent over the previous year, or 5.7 percent higher than that in1997.

Two main reasons tell why the national tax revenue in 2002, though affected by tax-reducing policies, still kept a steady growth. First, the national economy attained a sustainable, rapid and healthy development, while enterprises' economic efficiency further improved and import & export growing steadily, which provided revenue growth with a solid foundation of tax sources. Secondly, tax organs at all levels consciously acted in the spirit of the central body, sticking to administering tax work in conformity with law, being strict with staff members, as well as adopting scientific management. Accordingly, tax levy and administration orders were further standardized, which effectively guaranteed the tax revenue a steady growth.

By PD Online Staff Zhu Lizhen

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