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Cuts halve growth rate of tax revenue
By Jane Feng |
January 17, 2013, Thursday
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Print Edition
Print Edition
TAX-CUTTING measures have halved the growth rate of China's tax revenue last year from the level in 2011, the State Administration of Taxation said.
China collected 11.07 trillion yuan (US$1.76 trillion) in taxes last year, an increase of 11.2 percent year on year, according to the SAT data yesterday. In 2011, taxes collected jumped 22.6 percent.
Money collected from personal income tax fell 8 percent year on year, while receipts from individual business tax tumbled 12.5 percent, the statement said. This was due to the government raising income tax exemption thresholds for wage earners and individual business owners in September 2011 as part of efforts to cut the tax.
"These measures have directly lifted disposable income of residents," the SAT said.
China collected 11.07 trillion yuan (US$1.76 trillion) in taxes last year, an increase of 11.2 percent year on year, according to the SAT data yesterday. In 2011, taxes collected jumped 22.6 percent.
Money collected from personal income tax fell 8 percent year on year, while receipts from individual business tax tumbled 12.5 percent, the statement said. This was due to the government raising income tax exemption thresholds for wage earners and individual business owners in September 2011 as part of efforts to cut the tax.
"These measures have directly lifted disposable income of residents," the SAT said.
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