SARS to Lead to Tax Drop of US$2.5 Billion: Experts

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Last updated at: (Beijing Time) Monday, June 16, 2003

SARS to Lead to Tax Drop of US$2.5 Billion: Experts

Experts from the State Taxation Administration estimate that over 20 billion yuan(nearly US$2.5 billion) will be wiped off China's total tax revenues for this year as a result of SARS.

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Experts from the State Taxation Administration estimate that over 20 billion yuan(nearly US$2.5 billion) will be wiped off China's total tax revenues for this year as a result of SARS.

The latest report from the State Taxation Administration indicates that tax revenue saw a 25 percent increase during the first five months of this year compared with the same period last year, but experts say this increase will be halted in the wake of SARS.

They say the decrease in revenue was first seen in Guangdong province and Beijing, and the impact on the entire nation will become apparent in June and July.

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