China's Tax Revenue Reach 1266 Billion Yuan in 2000The total tax revenue of China reached 1266 billion yuan in 2000, 234.8 billion yuan more than that of the previous year.This was released by the State Administration of Taxation Thursday, January 4. According to the administration, the increase in 2000 was "unprecedented", subsequent to an annual increase of 100 billion yuan in the past six years in succession and a record high of over 1000 billion yuan of revenue in 1999. Revenue from Import Tax and Stamp Tax IncreasedChina witnessed rapid increases in revenue from tax on imports and stamp tax on securities transactions."With the growth in the national economy in 2000, the total volume of imports sharply increased, the securities market boomed and investment expanded, resulting in the remarkable increases in the tax revenues," Jin said. Revenue from tax on imports collected by the customs on behalf of tax authorities reached 149.3 billion yuan, 45.4 billion yuan or 43.7 percent more than the previous year and surpassing the budget by 46.3 billion yuan. Money collected from stamp tax on securities transactions totaled some 47.8 billion yuan, up 95.2 percent or 23.3 billion yuan from a year earlier and surpassing the budget by 28.5 billion yuan. The increases in the two taxes reached 68.7 billion yuan, accounting for 29 percent of the total tax revenue increase in 2000. Over 80 Billion Yuan Refunded for Export ProductsChina's tax authorities granted 81.1 billion yuan in refunds for export products in 2000, 29.2 percent or 18.3 billion yuan more than in 1999."The increase of refund rate, rising world economy, expansion in exports by enterprises themselves and rather low exports in the previous year accounted for the rapid development of exports, hence a large increase in refunds in 2000," the official is quoted as saying. Plan Set for Taxation AdministrationIn the next five years, China will make every effort to ensure the coordinated growth of revenue and national economy.In the Tenth Five-Year Plan period (2001-2005), the synchronic revenue/GDP growth or revenue going up a bit faster than that GDP will be maintained, said Jin Renqing, commissioner of the State Administration of Taxation at the press conference. The ratio of tax revenue to GDP, and the portion of the amount of central revenue in the total, will be raised further in the period. Besides, the swap of value-added tax (VAT) from production type to consumption type will be made at appropriate time. Income tax for domestic enterprises and enterprises with foreign investment will be gradually unified and the levies of personal income tax will be improved, according to Jin. Part of policies on excise and business tax will be adjusted, noted Jin, adding that the country will also step up the reform on local tax levies, including the merge and amending of vehicle and vessel usage tax, vehicle and vessel usage license plate tax, real estate tax, urban real estate tax and urban and township land use tax. Ratio of Tax Revenue in GDP upThe ratio of tax revenue in GDP hit 14.2 percent in China in 2000, four percentage points up compared with 10.2 at the end of the Eighth Five-Year Plan period (1991-1995)."This ratio maintained an upward momentum in the Ninth Five-Year Plan period (1996-2000)," Jin told the press conference. The ratio between the amount of central revenue and total revenue in 2000 is forecast to reach 59 percent, two percentage points up compared with 56.7 percent in 1995, Jin said. |
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