Chinese tax authorities denied 45 listed property developers are in arrears for 3.8 trillion yuan (US$623.49 billion) in unpaid taxes, Beijing News reported Wednesday, citing a senior official. The State Administration of Taxation issued the clarification in response to what it called erroneous media reports. The calculation method for the purported arrears on land value-added tax from 2005 to 2012 was wrong and misinterpreted the tax policy, the official was quoted as saying. Income from land value-added tax increased more than 30 percent a year from 2007 to 2012 while revenue from income tax reached 271.08 billion yuan in the first 10 months, up 22.2 percent from the same period last year, the report said.
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