16 September 2019

Tax revenue hits 8.44 tln yuan in first 9 months, paper says

China’s tax revenue rose 9 percent to 8.44 trillion yuan (US$1.38 trillion) in the first three quarters from the same period last year, National Business Daily reported Tuesday, citing the Ministry of Finance. The figure represents 77.3 percent of budgeted income, slightly ahead of expectations, the report said. Stamp duty income grew 40.2 percent year on year due to a rebound in the stock market. Revenue from value-added tax rose 8.2 percent to 2.08 trillion yuan. Value-added tax has become the biggest source of tax revenue, making up 24.7 percent of all tax income, the report said. 

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