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China's Tax Revenue Rises 33.2% in Jan-April

Data Analysis 09:07:56AM May 13, 2010 Source:SMM

BEIJING, May 13 -- China's tax revenue rose 33.2 percent year-on-year to 2.63 trillion yuan ($384.77 billion) in the first four months, on the back of a consolidated economic recovery and a low comparison base, the State Administration of Taxation said Wednesday.

Value-added, corporate income and business tax revenues rose 13.7 percent, 41.1 percent and 37.9 percent, respectively.

Taxes collected by the central government jumped 34 percent from a year earlier during the period while those collected by local governments increased 31.9 percent.

The SAT attributed the rise in tax revenue to the country's economic recovery and last year's low comparison base, when tax revenues slumped 8 percent year on year amid the global economic downturn.

The increase in revenues also came after an adjustment in tax policy.

In January, China raised the sales tax on certain vehicles to 7.5 percent from 5 percent, bringing a 63.5-percent jump in Jan-April vehicle sales tax receipts.

The government halved the vehicle purchase tax to 5 percent in early 2009 to boost domestic consumption and counter the global downturn.

The government has also strengthened tax collection enforcement in recent years, also accounting for the rise in tax revenue, the SAT said.

 

China's Tax Revenue Rises 33.2% in Jan-April

Data Analysis 09:07:56AM May 13, 2010 Source:SMM

BEIJING, May 13 -- China's tax revenue rose 33.2 percent year-on-year to 2.63 trillion yuan ($384.77 billion) in the first four months, on the back of a consolidated economic recovery and a low comparison base, the State Administration of Taxation said Wednesday.

Value-added, corporate income and business tax revenues rose 13.7 percent, 41.1 percent and 37.9 percent, respectively.

Taxes collected by the central government jumped 34 percent from a year earlier during the period while those collected by local governments increased 31.9 percent.

The SAT attributed the rise in tax revenue to the country's economic recovery and last year's low comparison base, when tax revenues slumped 8 percent year on year amid the global economic downturn.

The increase in revenues also came after an adjustment in tax policy.

In January, China raised the sales tax on certain vehicles to 7.5 percent from 5 percent, bringing a 63.5-percent jump in Jan-April vehicle sales tax receipts.

The government halved the vehicle purchase tax to 5 percent in early 2009 to boost domestic consumption and counter the global downturn.

The government has also strengthened tax collection enforcement in recent years, also accounting for the rise in tax revenue, the SAT said.