China's tax revenue soars by 20 per cent
( 2003-11-20 16:04) (Xinhua)
China collected 1713.2
billion yuan (US $206.4 billion ) in tax revenue during the first ten months of
this year, up 20.7 per cent from same period last year, said the head of the
State Administration of Taxation.
Xie Xuren, director of the administration, said Wednesday that about 90.6 per
cent of the annual budget of tax revenue had been met and the whole budget would
be completed before the end of the year.
Xie said China's reform of the tax system would include improving the
personal income tax regime, switching from production-based valued added tax to
consumption-based value-added tax, amalgamating enterprise income tax and
adjusting consumption tax.
The reform would also remove consumption taxes on commodities that have
become mass consumer goods. A consumption tax would be imposed on new luxury
goods instead, said Xie.
Improving the personal income tax system was regarded as a key area of
reform, as it fell short of the role expected of it in narrowing the gap between
the rich and poor.
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