China’s Annual Tax Revenues Increase by 9 Percent to US$928 Billion
Feb. 1 – The State Administration of Taxation announced that annual tax revenues for 2009 rose by 9.1 percent to RMB6.31 trillion or US$928 billion despite rebates and subsidies enforced last year as part of its stimulus plan.
Local retail sales tax revenues increased by 85.4 percent to RMB476.1 billion spurred by government efforts to boost local consumption and offset declining export demand. Automobile purchase tax also increased by 17.6 percent to RMB116.4 billion fueled by 13.64 million cars sold making it the largest auto market in the world.
China earned most of its tax revenue from value-added tax on producer products which increased by 3.8 percent to RMB1.88 trillion. It was stamp tax for stock transactions that showed the highest decline at 47.9 percent to RMB51.4 billion.
The annual tax revenue does not include tariffs, tonnage dues, farmland use tax and contract tax.
- Previous Article Corporate Income Tax Treatments for Asset Losses Clarified
- Next Article Beijing Municipality Encourages FDI in Private Equity Fund Companies