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China's Tax Revenues Rose By 9.8 Percent In 2013

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

27 January 2014


The Ministry of Finance (MOF) has announced that total tax revenue collected in China in 2013, at just over RMB11 trillion (USD1.8 trillion), increased by 9.8 percent; lower than the 12.1 percent increase seen a year earlier.

The MOF pointed out that, of that total, value-added tax (VAT) revenue rose by 9 percent last year to nearly RMB2.9 trillion, while consumption tax collections increased by 4.5 percent to RMB823bn. However, corporate income tax revenue rose more strongly by 14 percent during the year to RMB2.2 trillion.

It was already expected that the growth in fiscal revenues would remain slower throughout 2013, due to the continued stability in Chinese economic growth at around 7.7 percent, and while the Government itself also continues to contain tax payments so as to maintain the disposable income of Chinese taxpayers.

In addition, the on-going change from business tax to VAT for the service sector, and, in particular, for the SMEs therein, should reduce tax burdens. Small-scale taxpayers with under RMB5m of turnover in services are subject to a lower VAT rate.

TAGS: Finance | tax | economics | business | value added tax (VAT) | sales tax | fiscal policy | corporation tax | China | revenue statistics | services

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