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China's Taxation Surges in First Half Year
China's taxation revenue surged by 99.7 billion yuan over the same period last year to 597.3 billion yuan in the first half of the year, accounting for 54 percent of the targeted revenue for the year.
Jin Renqing, commissioner of the State Administration of Taxation (SAT), told a national working meeting today that it was the largest half-year increase of taxation in the past six years.
It was also the first time that China met the half-year target of taxation revenue since the early 1990s.
Jin said that annual growth of tax revenue has exceeded 100 billion yuan over the past six years. Despite the impact of severe flooding and the Asian financial crisis, the country managed to increase tax revenue by 100.3 billion yuan in 1998. It boosted tax revenue further by 122 billion yuan in 1999, setting an all-time high of over 1000 billion yuan.
Local economists say that the robust growth of taxation was due to the improved economy and stricter measures adopted by Chinese taxation authorities to prevent tax evasion.
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