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H1 tax revenues up 30% on surge in corporate profits

(Xinhua)
Updated: 2008-07-22 17:21

China's tax revenues grew 30.5 percent year-on-year to 3.26 trillion yuan ($472 billion) in the first half of 2008, the State Administration of Taxation (SAT) said on Tuesday.

SAT officials said the surge largely reflected a dramatic rise in company profits in 2007, which drove up corporate income tax receipts by 200 billion yuan in the first half.

Almost half of the tax revenue came from value-added, consumption and turnover taxes, which rose 22.4 percent, 18.5 percent and 25.7 percent, respectively.

Import tariffs showed the fastest growth, rising 34.9 percent to 395.6 billion yuan, followed by stamp tax on securities trading, which rose 34.2 percent to 83.7 billion yuan.