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China Collects More Interest Tax
The Chinese government collected 6.4 billion yuan in interest tax on personal savings deposits in the first quarter of the year, 3.68 times more than the same last year period.
The State Administration of Taxation (SAT) said Friday that the leap in tax revenue was due to accumulating interest on bank accounts since the country began to collect interest tax.
Since the latter half of last year, taxation authorities have tightened control on tax collection and ordered banks to directly collect tax on savings accounts. As a result, the amount of tax collected rose in the first quarter.
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