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Tuesday   9 /17 /2002


Tax revenue up 11 percent

 CHINA’S tax revenue, excluding tariffs and agricultural taxes, rose 11 percent year on year in the first eight months of this year to 1.12 trillion yuan (US$135.3 billion), the China Securities Journal reported yesterday.

  The growth was marginally higher than the 10.8 percent rise during the first seven months of this year. China’s tax revenue “maintained a steady growing trend”, the newspaper quoted the State Administration of Taxation as saying.

  The government has been trying to boost tax revenues this year by closing tax loopholes and cracking down on smuggling to keep its widening budget deficit — set at a record 309.8 billion for this year — under control.

  The increase in revenue came amid a campaign to fight tax evasion among high-income business people, artists and entertainers, with severe consequences for some celebrities.

  Central Government tax revenue rose a year-on-year 10.6 percent between January and August to 682 billion yuan, while local revenue rose 11.7 percent to 438.9 billion yuan, the newspaper report said.

  Corporate income tax paid by foreign firms surged 29 percent year on year in the January to August period, while that by domestic firms rose only 4.3 percent, the report said without giving actual figures.

  Personal income tax soared 23.8 percent year on year in the January to August period, the report said without giving further details.

  (SD-Agencies)

  

  

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