Shenzhen Reports 13 Percent Rise in Local Taxes

Shenzhen, south China's Guangdong Province, reported more than 15.4 billion yuan (about US$ 1. 86 bn ) in local taxes in 2000.

The figure represents a rise of 13.23 percent from 1999, or an increase of 1.8bn yuan (about US$217m), said an official from the Taxation Bureau of Shenzhen.

Along with the increasing economic indexes and the rising benefits of enterprises, local residents' income has also registered a sustained increase.

A promising economic situation in Shenzhen is featured by the marked rises in income taxes of both the enterprises and individuals.

High-tech businesses have become a major powerhouse. These businesses paid 790 million yuan (US$95.18m) in taxation, up 45.94 percent and contributed 13.83 percent of the city's total taxes.

Shenzhen had an annual growth in local taxes of over 20 percent during the ninth five-year-plan period (1996-2000), and the total volume of local taxes in the past five years reached 57.9 billion yuan (about US$6.98bn).

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