Personal Tax News
- Guangdong News
Date: 3-Jan-2007 Sources: (Shenzhen Daily)
SHENZHEN'S personal in-come tax revenue jumped 23.73 percent to nearly 11.18 billion yuan (US$1.41 billion) last year, the local tax authority said Monday.
The figure put Shenzhen third on the list of mainland cities earning the highest personal income tax revenues, after Beijing and Shanghai. It was also the first time Shenzhen's personal income tax revenue has surpassed 10 billion yuan.
The growth in tax revenue was delivered by the robust economy - which continued its double-digit growth last year - as well as more stringent measures on collecting tax.
With the government charging a 20 percent personal income tax on real estate transfers from August, personal income tax from property transfers grew to 125 million yuan with a staggering 147.75 percent increase in revenue, the highest among all categories.
The personal income tax revenue paid by salary earners jumped 37.11 percent year on year to nearly 8.97 billion yuan, according to the tax authority. Salary earners contributed about 80 percent of the total personal income tax revenue.
The city's Administration of Local Taxation collected a total tax revenue of 45.02 billion yuan in 2006, up 18.7 percent from the year 2005. Of the revenue, 69.18 percent came from the service industries.
The local tax revenue from the finance industry saw the biggest growth rate in nearly 10 years in 2006, when it paid 3.85 billion yuan to the local tax authority, up 33.8 percent from 2005. The tax revenue from the real-estate industry, meanwhile, jumped 30.26 percent to nearly 7.88 billion yuan.
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