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Personal income tax has become the fastest growing source of tax revenue for the Chinese government, the State Administration of Taxation (SAT) said on Thursday.
The SAT attributed the rapid increase in personal income taxes to economic growth, rises in incomes, improved tax collection and newly imposed taxes on interest from savings deposits.
A SAT official said China had kept improving personal income taxation and widening its role in taxing high-income earners sinceadopting such taxes 23 years ago.
SAT statistics showed that since China reformed its taxation system in 1994, the revenue from personal income tax had jumped from 4.68 billion yuan in 1993 (566 million US dollars) to 99.6 billion yuan (12 billion US dollars) in 2001.
The average annual increase rate of personal income tax was 47.5 percent, or a growth of 11.8 billion yuan (1.4 billion US dollars) every year.
(Xinhua News Agency August 23, 2002)
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