BEIJING, Oct. 31 (Xinhuanet) -- China's State Administration of Taxation has released key data on first three quarters’ taxation. It says stock companies were the major contributor to tax revenue.
China secured tax income of nearly 7.8 trillion yuan in the first three quarters, an increase of 7.4 percent compared with the same period last year. To break the figure down, the tertiary industry, or the service sector, contributed more than 54 percent of the total, inching up by more than one percent year on year.
Meanwhile the secondary sector of economy and the tertiary industry saw an increase of 5.1 percent and 9.9 percent respectively.
Experts say that it indicates a development in the industrial structure. Data also showed taxes collected from the the hi-tech manufacturing industry saw the biggest increase , a jump of nearly 15 percent. Meanwhile small and macro companies benefited from a taxation-reduction policy.
"We need to relieve the tax burden, so that companies can better use their capital to start and run a business, and make innovations. In recent years, small and micro businesses in China have witnessed fast development. They have played pivotal roles in boosting the economy, employment, people's livelihood, and fostering new industries," said Xie Xuezhi, deputy head of State Administration of Taxation.
(Source: CNTV)
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