Coroporate Tax News
- Taxes take up 95％ of China's financial revenue
Date: 8-May-2007 Sources: (Xinhua Online)
China's tax revenue has now accounts for 95 percent of its financial revenue, according to a senior official of the State Administration of Taxation (SAT) recently.
China's tax revenue reached 1.1 trillion yuan (147 billion U.S. dollars) in the first quarter of 2007, up a hefty 230 billion yuan, or 25.5 percent, from the same period last year.
The year 2006 saw China's tax revenue from all sources hit a new high, jumping 21.9 percent year on year to 3.7636 trillion yuan (488.78 billion U.S. dollars).
The central government allocated 339.7 billion yuan (44.12 billion U.S. dollars) to support the development of the agriculture and rural areas and improve farmers' living standards last year, up 14.2 percent than the previous year.
Overall expenditures on education also rose by 19.6 percent to 475.2 billion yuan (61.7 billion U.S. dollars) last year.
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