China's Tax revenue soars by 20% in first ten months

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Last updated at: (Beijing Time) Thursday, November 20, 2003

China's Tax revenue soars by 20% in first ten months

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China collected 1713.2 billion yuan (206.4 billion US dollars) in tax revenue during the first ten months of this year, up 20.7 percent from same period last year, said the head of the State Administration of Taxation.

Xie Xuren, director of the administration, said Wednesday that about 90.6 percent of the annual budget of tax revenue had been met and the whole budget would be completed before the end of the year.

Xie said China's reform of the tax system would include improving the personal income tax regime, switching from production-based valued added tax to consumption-based value-added tax, amalgamating enterprise income tax and adjusting consumption tax.

The reform would also remove consumption taxes on commodities that have become mass consumer goods. A consumption tax would be imposed on new luxury goods instead, said Xie.

Improving the personal income tax system was regarded as a key area of reform, as it fell short of the role expected of it in narrowing the gap between the rich and poor.

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