Revenue from taxes posts 33% increase
Source: Xinhua |
May 13, 2010, Thursday
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Print Edition
Print Edition
CHINA'S tax revenue rose 33.2 percent year on year to 2.63 trillion yuan (US$384.77 billions) in the first four months of 2010 on the back of its economic recovery and a low comparison base, the State Administration of Taxation said yesterday.
Value-added, corporate income and business tax revenues rose 13.7 percent, 41.1 percent and 37.9 percent.
Taxes collected by the central government jumped 34 percent from a year earlier during the period while those collected by local governments rose 31.9 percent.
The SAT attributed the rise in tax revenue to the country's economic recovery and the low comparison base last year when tax revenues slumped 8 percent on an annual basis amid the global economic downturn.
The rise in revenues also came after an adjustment in tax policy. In January, China raised the purchase tax on certain vehicles to 7.5 percent from 5 percent.
Value-added, corporate income and business tax revenues rose 13.7 percent, 41.1 percent and 37.9 percent.
Taxes collected by the central government jumped 34 percent from a year earlier during the period while those collected by local governments rose 31.9 percent.
The SAT attributed the rise in tax revenue to the country's economic recovery and the low comparison base last year when tax revenues slumped 8 percent on an annual basis amid the global economic downturn.
The rise in revenues also came after an adjustment in tax policy. In January, China raised the purchase tax on certain vehicles to 7.5 percent from 5 percent.
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