According to figures released by Beijing’s city taxation bureau, foreign banks in the Chinese capital are contributing an ever larger share of tax revenues, and have become one of the city’s leading groups of taxpayers.
The bureau has reported that the 23 foreign banks situated in Beijing paid some 36 million yuan ($5.6 million) into the city’s coffers during the first quarter of the year, an increase of 75% compared to the same period in 2004.
Personal income tax paid by the employees of foreign banks in Beijing constituted the fastest growing element of these tax revenues. As more banks opened or expanded offices in the city and thus employed more staff, the foreign tax section collected more than 24 million yuan in personal income tax, a year-on-year increase of 74%, it was revealed.
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