Beijing's Mid-year Individual Income Tax Hits New Record

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Last updated at: (Beijing Time) Tuesday, July 16, 2002

Beijing's Mid-year Individual Income Tax Hits New Record

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Beijing's individual income tax totaled 5.032 billion yuan (608.5 million US dollars) in the firstsix months this year, a 29 percent increase over the same period last year, according to statistics issued by Beijing Municipality Local Taxes Bureau.

Individual income tax payment increases mainly came from salaries, wages, stock dividends and interest incomes, and profitsof privately owned businesses. Taxes paid on profits of private businesses increased threefold during the previous six months.

In recent years, individual income tax payments have increased steadily in Beijing and ranked second nationwide in 2001. Individual income taxes were the second largest amount of local taxes paid in the country's capital last year, second only to business taxes.

Experts say that the marked increase is the result of stable development of the local economy and local citizens' increased awareness of the importance of income taxes.

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