Tax Levy and Administration News
- China collects 245 billion yuan in income tax
Date: 8-Jan-2007 Sources: (Xinhua Online)
China collected 17 percent more in personal income taxes last year surging to 245 billion yuan (30.63billion U.S.dollars), according to the State Administration of Taxation (SAT).
Analysts with SAT attribute the increase to rising incomes.
China's GDP grew by 10.7 percent in the first three quarters in2006 during which 9.32 million people found jobs in the urban areas.
The comparatively developed east coast areas such as Yangtze River Delta and Zhujiang Delta contributed most to the tax revenue.
According to regulations promulgated by SAT this year, individuals with annual incomes of more than 120,000 yuan must pay personal income tax and voluntarily declare all of their income.
China's tax revenue from all sources hit a new high in 2006, jumping 21.9 percent year on year to 3.7636 trillion yuan, said the SAT.
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