Strong economic growth, coupled with soaring fixed asset investment, helped the Chinese government to reap a bumper harvest in tax revenues in 2003, according to figures announced by the country’s tax chief.
Xie Xuren, head of the State Administration of Taxation, revealed at a news conference that economic growth last year reached 8.3%, whilst investment increased 35% on the previous year, helping to bring in a total tax take of 2.05 trillion yuan ($280 billion). This represented a 20% increase on 2002 tax revenues.
The figures were also helped by a 40% increase in the profits of industrial firms, and growth in the residential property sector. Xie also noted a strong return from car purchase tax, which accounts for 10% of a vehicle’s purchase price.
The state tax chief warned however, that weaker growth in tax returns may be on the cards for the coming year, due to corporate tax reforms and the possibility of an easing of trade growth
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
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