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1st-quarter tax revenue tops US$75b
(Xinhua)
Updated: 2004-04-13 15:00

China's first quarter tax revenue excluding tariffs and agricultural tax hit 627.8 billion yuan (US$75.9 billion), with an year-on-year increase of 25.4 percent, according to the State Administration of Taxation (SAT) in Beijing Monday.

"Apart from stronger measures tax departments have taken this quarter, the continuous economic boom in China has laid solid foundations for the growth," an official with the SAT said.

Improved enterprise profits and exports have also made contributions to the high tax revenue, he said.

In the first quarter, the tax revenue growth gap between the central level and local level had markedly dwindled.

Central level tax revenue reached 225.1 billion yuan (US$27.2 billion) in the first quarter, up 27.3 percent, while local governments collected 225.1 billion yuan (US$27.2 billion), up 22.1 percent, compared with last year's increase rate of 35 percent and 14.3 percent in the same period.

Moreover, China's east, west and central areas all reported increased tax revenues, spearheaded by the central parts, with a 30.9 percent growth, noticeably higher than the east's 24.4 percent growth and the west's 23.7 percent.

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