Shanghai tax revenue rises
By Zhang Fengming |
January 2, 2012, Monday
|
Print Edition
Print Edition
SHANGHAI'S tax revenue rose 15.3 percent year on year in 2011, with the city collecting 682.9 billion yuan (US$108 billion), the Shanghai Taxation Bureau said yesterday on its website.
Of the total, corporate income tax topped 196.5 billion yuan, while individual income tax amounted to 78.7 billion yuan. Value added tax was 168.2 billion yuan last year, with business tax at 104.2 billion yuan.
"The tax income paved way for Shanghai's path for an innovation-driven economic restructuring and the improvement of the living conditions of citizens," the bureau said.
Last year, the bureau carried out a trial to collect property tax and prepared for the value-added tax reform to be implemented this year, the authority said.
In 2012, the tax authority will keep making a contribution to the city's economic development, it said.
The bureau said last Friday that it expected a "substantial drop" in tax revenue as a new VAT reform trial would streamline the tax system and relieve the burden of many service companies.
From yesterday, the majority of Shanghai's service companies started to benefit from lower taxes, and businesses that might pay a higher tax under the revamp will get government subsidies, tax officials said.
Some 120,000 Shanghai-registered service companies will switch from paying business tax to VAT, with 85,000 of them being smaller taxpayers with an annual revenue of below 5 million yuan, the taxation bureau said.
Of the total, corporate income tax topped 196.5 billion yuan, while individual income tax amounted to 78.7 billion yuan. Value added tax was 168.2 billion yuan last year, with business tax at 104.2 billion yuan.
"The tax income paved way for Shanghai's path for an innovation-driven economic restructuring and the improvement of the living conditions of citizens," the bureau said.
Last year, the bureau carried out a trial to collect property tax and prepared for the value-added tax reform to be implemented this year, the authority said.
In 2012, the tax authority will keep making a contribution to the city's economic development, it said.
The bureau said last Friday that it expected a "substantial drop" in tax revenue as a new VAT reform trial would streamline the tax system and relieve the burden of many service companies.
From yesterday, the majority of Shanghai's service companies started to benefit from lower taxes, and businesses that might pay a higher tax under the revamp will get government subsidies, tax officials said.
Some 120,000 Shanghai-registered service companies will switch from paying business tax to VAT, with 85,000 of them being smaller taxpayers with an annual revenue of below 5 million yuan, the taxation bureau said.
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