China collects more taxes Jan-April

BEIJING - China collected 3.59 trillion yuan ($576.64 billion) in taxes in the first four months of 2014, up 9.6 percent year on year, revealed the State Administration of Taxation on Thursday.

Tax collected from tertiary industry grew by 13.2 percent in the first four months, 7.7 percentage points higher than secondary industry.

Tertiary industry tax accounted for 54.2 percent of the total from January to April, compared with the 52.4-percent share in the same period last year.

The tax levied on the real estate and manufacturing sectors grew by 12.3 percent and 7.9 percent on an annual basis, respectively, accounting for 43.2 percent of the total tax.

However, the growth of tax in the property sector slowed down in the first four months. The cooling market resulted in a 26.5-percent drop in personal income tax on home transactions.

Rising taxes in the tertiary sector and falling taxes in the property sector and some natural resources-rich regions in central and western China point to a good trend in the economic restructuring drive, said Bai Jingming, deputy head of the Research Institute for Fiscal Science of the Ministry of Finance.

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