China's tax revenues indicate growth.......................................
chinadaily.net
Tax revenues climbing, on target for $90 billion
CHINA'S industrial and commercial tax revenues should top 750 billion yuan ($90 billion) this year -- a major breakthrough.
This will be an increase of 106.6 billion yuan ($12.84 billion) over last year, a top taxation official told a national meeting in Beijing.
"It is the fifth consecutive year the growth of the country's tax levy will reach about 100 billion yuan ($12 billion), making a breakthrough," Xiang Huaicheng, deputy director of the State Administration of Taxation (SAT), said.
During the first 11 months of this year, China collected 666.1 billion yuan ($80.25 billion) in industrial and commercial taxes, up 18.1 per cent from the same period last year.
The value-added and consumption levies, two major items under China's tax system, increased 10.8 per cent, reaching 352.4 billion yuan ($42.45 billion), by the end of November.
Despite double-digit growth, tax evasion remains a serious problem for revenue authorities.
China will enhance taxation management next year, trying to increase tax revenues in tandem with the snowballing national economy, Xiang said.
China will implement a nationwide inspection on tax-law enforcement next year, to correct errors and investigate violations. Efforts will be increased to stop tax evasion and fraud.
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Date: 12/17/97
Author: Tong Ting
Copyrightc by China Daily |
