China's tax revenue to exceed 2 trillion yuan this year

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Last updated at: (Beijing Time) Friday, December 19, 2003

China's tax revenue to exceed 2 trillion yuan this year

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China's fiscal revenue is estimated to exceed 2 trillion yuan (about 244 billion US dollars)this year thanks to fast economic growth and improved corporate returns, the country's chief tax collector said Thursday.

Xie Xuren, director of the State Administration of Taxation, said the figure represented an increase of more than 300 billion yuan (some 36.5 billion US dollars), or 17.6 percent, over last year's 1.7 trillion yuan (205 billion US dollars).

The figures compared with the year-on-year tax revenue growth of 12.1 percent in 2002, or a net increase of 183.2 billion yuan (22.3 billion US dollars) over 2001.

The government had collected 1.867 trillion yuan (227.69 billion US dollars) in revenue during the first 11 months, up 20.3percent, or 315.3 billion yuan (38.4 billion US dollars), over thesame period last year, Xie said.

Xie attributed the drastic rise to the country's fast economic growth and improved corporate returns.

A rapid increase in Custom tariff revenues and improvements in taxation administration were also contributing factors, said Xie.

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