According to figures released by the State Administration of Taxation, during the first nine months of 2001, tax revenue collected by the local and central authorities soared, showing an increase of 22.7% (or just over 207.4 billion yuan) on the same period last year.
Chinese tax experts believe that the enhanced figures are the result of a combination of factors; namely the recent change in the structure of tax categories, and a narrowed tax gap between the eastern, western, and central regions of the country. VAT, consumption tax and income tax collection are thought to have contributed around 80% of the increased tax revenues.
However, analysts warn that the global economic slowdown and a number of other uncertain factors, including the aftermath of the September 11th terrorist attacks will mean that for the last quarter of the year, the growth rate of tax revenue is likely to show a sizeable downturn.
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