The State Administration of Taxation (SAT) announced that tax revenues increased by 26.2% in the first half of 2004. Total revenues were US$148.1 billion during the period, up US$32.4 billion from the same period last year. Value-added tax and business tax rose by 22.3%. Income tax from businesses and individuals rose 28.2%. Import tariffs increased by 41.4%. SAT officials said that the increase in revenues was due to rapid economic growth and increased collection efforts. Analysts projected 2004 annual tax revenues to increase by 15% over revenues for 2003. SAT is in the process of implementing tax reforms which will include eliminating agriculture tax in five years.