China's Tax Revenue Jumps 30.8% In First Nine Months

by Mary Swire, Tax-News.com, Hong Kong

16 October 2007

China's tax revenue has seen it's highest growth rate in thirteen years, with revenue up 30.8% to more than 3.7 trillion yuan (US$495 billion) according to the State Administration of Taxation (SAT).

Speaking to Chinaview with regard to the figures, Shu Qiming, director of the statistics department under the SAT announced that: "The aggregate tax revenue in the first nine months this year approached the total generated in 2006. China's tax revenue increment, mainly composed of the value-added tax from the industrial and commercial sectors, is in line with the fast-growing national economy."

The SAT statistics also reportedly revealed a significant increase in tax revenue from urban land use, from sales taxes imposed on real estate, and from the land value added tax

The Chinese government recently announced plans to triple stamp duty on securities trading from 0.1% to 0.3% to boost the development of the country's securities markets.

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