China sees US$2t in tax receipts

Source: Xinhua | 2018-02-02

CHINA’S tax revenue growth accelerated in 2017, official data showed yesterday.

China collected 12.6 trillion yuan (US$2 trillion) in taxes last year, up 8.7 percent year on year, compared with 4.8 percent growth in 2016, said the country’s top taxation authority.

The tertiary sector was again the biggest tax contributor, with its tax revenue rising 9.9 percent year on year and accounting for 56.1 percent of total taxation.

The Internet and related services industry saw its tax revenue surge 55.1 percent year on year.

The high-end manufacturing sector also saw strong rise in tax revenue. General purpose and telecom equipment firms saw their tax revenue up 23.5 percent and 21.6 percent annually, respectively.