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Monday, August 18, 2008

China's tax revenue increases 33.5% y/y in H1.





China's tax revenue increases 33.5% y/y in H1. According to news agency Xinhua , Ministry of Finance figures show that China's tax revenue increased by 33.5% y/y to CNY 3.14tn in H1.Income tax revenue from enterprises increased by 41.5% y/y to CNY 791.27bn, while individual income tax increased by 27.2% y/y to CNY 213.67bn. The Ministry said that the increase in the tax revenue was the result of steady economic development rather than heavier tax burdens. According to the Ministry, the government had adopted various measures to reduce the tax burden on enterprises and individuals. The income tax rate on domestic enterprises was reduced to 25% from the earlier level of 33% and the threshold for individual income tax was reduced to CNY 2000 from CNY 1,600 earlier.







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