China’s Q1 tax revenue up 9.8 percent

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Beijing, April 20 (IANS) China collected 2.98 trillion yuan ($458 billion) in taxes in the first quarter of 2016 — up 9.8 percent year-on-year, data from the State Administration of Taxation (SAT) showed on Wednesday.

Tax collected from tertiary industry rose 12 percent year on year, accounting for 56.5 percent of the total, said the SAT, Xinhua news agency reported.

The surge in tax revenue from tertiary industry reflected China’s adjustment of the economic structure and rising consumption demand, said Zheng Xiaoying, a senior SAT official.

Meanwhile, tax revenue from high-end manufacturing also increased rapidly thanks to the country’s innovation drive.

Tax collected from computer communications, pharmaceuticals and aerospace equipment manufacturing in the first quarter rose 8.3 percent, 11.6 percent and 11.9 percent, respectively.

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