China's Tax Revenue Soars 20 Percent in First Half YearChina's tax revenue surged by 20 percent in the first half of this year to hit a record 597.26 billion yuan (US$71.96 billion), accounting for 54 percent of the target set for the year.Latest figures from the State Administration of Taxation show that the country's domestic value-added tax revenue rose by 13.7 percent in the first six months to hit 218.25 billion yuan (US$26.20 billion), while revenue from domestic consumption tax gained by 2.4 percent to stand at 40.25 billion yuan (US$4.85 billion). Combined, they accounted for one-third of the increased tax revenues. Income taxes from overseas-funded enterprises increased by 35.4 percent to hit 15 billion yuan (US$1.81 billion). Import duties collected by customs authorities rose by 32.5 percent to 65.37 billion yuan (US$7.88 billion), while securities stamp tax soared 147.6 percent to 26.77 billion yuan (US$3.23 billion). |
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