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Value-added tax grows
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OF all the taxes, the biggest beneficiary for the government of the fast development of the city's high-tech sector is the value-added tax, as indicated by statistics supplied by the Shenzhen State Taxation Bureau.
After posting spectacular growth in 1999, the value-added tax in the city again set a record last year, growing by 44.4 per cent or a whopping 2.73 billion yuan (US$327.6 million), ranking it second among 36 major cities in the country in terms of growth rate and seventh where the increment of tax money is concerned.
The primary driving force behind the strong growth, the statistics show, is the telecom facilities manufacturing industry, which doubled its value-added tax and contributed 2.07 billion yuan to the city's total 8.87 billion yuan in value-added taxes, topping all other industries in the city and increasing its share in the city's industrial value-added tax by seven percentage points.
Two major taxpayers in the industry, Huawei and Great Wall International Information, performed especially well. Last year, Huawei's four subsidiaries doubled their value-added tax contributions to 1.17 billion yuan while Great Wall International Information contributed 340 million yuan. Combined, the two accounted for 17 per cent of the city's total volume of value-added tax and 92.4 per cent of the increase in value-added tax for the electronic information industry. (Alex Wang)
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