China’s tax revenue grew by 11.6 per cent year-on-year in the first quarter of 2002 to reach Yn341.2bn, People’s Daily said, quoting Jin Renqing, head of the State Administration of Taxation. Revenue from taxes levied on foreign firms showed rapid growth over the three-month period while revenues from state-owned and domestic private companies declined. Domestic value added tax, consumer and business taxes together accounted for 80 per cent of the total revenue.
The finance minister Xiang Huaicheng said that total government revenue rose by 3.4 per cent in the first quarter of the year to reach Yn380.8bn, while expenditure rose by 23.9 per cent over the same period to stand at Yn351.2bn. The rise in revenue was lower than the minister’s forecast of 10 per cent, but he was confident that the figure would be achieved over the year as a whole.