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January 10, 2017

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Shanghai sees 5.5% rise in tax revenue

SHANGHAI Tobacco Group and Shanghai Pudong Development Bank ranked among the biggest taxpayers in the city, whose annual tax revenue rose 5.5 percent last year, the city’s tax authority said yesterday.

Shanghai collected 1.18 trillion yuan (US$170 billion) in tax revenue last year, up 5.5 percent from a year ago, the Shanghai office of the State Administration of Taxation and the Shanghai Bureau of Local Taxation said in a statement.

But the increase slowed from the 22 percent surge in 2016.

For the first time, the services industries accounted for more than 70 percent of Shanghai’s tax revenue last year as their tax rose 22.6 percent year on year to 817.3 billion yuan.

Shanghai Pudong Development Bank paid the largest tax of 13.75 billion yuan among services companies, edging past the Bank of Communications’ 13.67 billion yuan. Seven of the top-10 taxpaying firms in the services industries are in the finance sector.

Shanghai Tobacco Group paid the highest tax among industrial entities at 74.23 billion yuan, followed by SAIC-Volkswagen, which paid 15.8 billion yuan.


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