Tax Collections Jump 9.8% in China
April 21, 2016 Taxation in China
BEIJING – Tax collections in China are on the rise, with several industries showing significant growth in activity and profits.
On April 20th the State Administration of Taxation of China issued a new statement saying that over the first quarter of 2016 tax collections reached a level of RMB 2.979 trillion (approx. USD 461 billion).
The tax collections over the first three months of 2016 were approximately 9.8 percent higher than the tax collections over the same three months over the course of 2015.
Approximately 56.5 percent of all the tax revenues were collected from businesses in the tertiary industry.
The revenues collected over the first three months from the tertiary industry grew by 12 percent compared to the same period last year.
Significant revenues growth was also seen in the automotive industry, which is enjoying a boost in sales following the government’s reduction on taxes on the sale of small capacity cars.
Significant growth in tax revenues were also seen in the high-tech industries, telecommunications, and aerospace equipment manufacturing.
Photo by: Andreas Poike