Tax Levy and Administration News
- Tax revenue rises 21.9% in 2006
Date: 3-Jan-2007 Sources: (Shenzhen Daily)
CHINA'S tax revenue jumped 21.9 percent to hit 3.8 trillion yuan (US$480 billion) in 2006, State media reported yesterday.
The figure does not include income from tariffs, tax on arable land use or tax paid by real estate buyers, the Xinhua news agency said, citing the State Administration of Taxation.
The increase in revenues comes as the government aims to reduce its budget deficit 'appropriately?in 2007, an aim stated by Finance Minister Jin Renqing in December.
According to the government budget issued early last year, China projected the Central Government deficit for 2006 to be 295 billion yuan, down marginally from the year before.
Last April, China introduced some of the most comprehensive changes in its tax rules since 1994, starting to levy taxes on resource-consuming items such as refined oil or luxury products like yachts and golf equipment.
The government has also been addressing tax collection enforcement in recent years, which is highlighted in a campaign to force the rich to pay more and punish them if they try to evade paying their dues.
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