China's State Administration of Taxation Director Jin Renqing said last week that total tax revenues for 2002 were expected to increase 13% year on year to 1.7 trillion yuan (US$205.3bn). Revenues for January to November were 12.4% up to more than 1.55 trillion yuan, said the official Xinhua News Agency. The eventual total was expected to represent 17% of GDP, said the Agency, up substantially from 2001, and up by 6% from 11% since 1997.
Nonetheless, expenditures have been rising even faster than revenues, and China's government expects to post a record budget deficit of 309.8bn yuan this year, due largely to increased spending on social services and infrastructure projects, said the Agency. Such a deficit would be equivalent to 3% of GDP, the so-called 'Maastricht' level mandated for the EU by its Stability and Growth Pact.
The Director said that in future the government will try to ensure that tax revenue grows at the same pace or slightly faster than the national economy. This year, the government has made repeated efforts to step up collection of taxes, especially from richer members of society. The country's entry into the WTO had a bad effect on revenues by reducing many import tariffs, so that the recorded increase in collections testifies to the success of efforts made.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment