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 | Thursday, April 27, 2000, updated at 16:11(GMT+8) | ||||||||||||
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Business | ||||||||||||
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China's Tax Revenue Surges in First Two MonthsChina's tax revenue amounted to 233.7 billion yuan by March 20, an increase of 30.8 percent year- on-year.According to the latest figures released by the State Administration of Taxation (SAT), the tax revenue rose by 41 billion yuan in the first two months compared with the same period of last year. A SAT official said that steady economic growth was the major driving force behind the surge. The booming stock market also contributed significantly to the growth of taxation, with stamp duties amounting to six times the amount in the same period of last year. Stamp duty collected on the trading of securities was worth more than seven billion yuan over January and February. At the same time, a continuous crackdown on smuggling and tax evasion also helped to increase the tax revenue. China's tax revenue broke the historical level of 1,000 billion yuan last year, registering a growth of over 10 percent. It is expected to rise by 7.3 percent to 1,106.3 billion yuan this year.
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