The State Administration of Taxation announced it collected 756 billion yuan (US$91.4 billion) in taxes in the first three months of this year, an increase of more than 20 percent from the same period last year.
The administration said Monday that the steady increase of taxes is a "direct result" of the country's rapid economic development. Strict implementation of state tax policies also played a factor, it said.
According to the administration, taxes from the country's economically-developed eastern part stood at 531.7 billion yuan (US$64.2 billion), up 18.9 percent, those from the central part totaled 119.8 billion yuan (US$14.4 billion), an increase of 22.5 percent, and the taxes from the less developed western part came to 104.4 billion yuan (US$12.6 billion), up 25.8 percent.
However, an official warned there are still factors that will likely affect the taxation increase this year, such as the decreasing imports, stagnant auto and exchange markets. Also, the rapid price increase of raw materials would lead to price increases of consumer products, reducing business profits, he said.
(Xinhua News Agency April 12, 2005)
