China posts double-digit growth in personal income tax

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Last updated at: (Beijing Time) Tuesday, November 25, 2003

China posts double-digit growth in personal income tax

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China's personal income tax revenue in the first 10 months this year totaled 119.24 billion yuan (14.4 billion US dollars), up 19.3 percent over the same period of last year, the Economic Daily reported on Tuesday.

According to the State Administration of Taxation, the personal income tax revenue has been on a sharp rise in China, surging from 4.68 billion yuan in 1993 to 121.1 billion yuan in 2002. It has become one of the fastest-expanding tax categories in China.

The taxation departments in China this year intensified tax collecting methods towards individual investors, in a bid to curb any form of tax evasion, the paper said.

The State Administration of Taxation has also started to develop a nationwide managing system especially for collecting personal income tax, the paper said.

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