China collects $1.76 tr income taxes in 2012

Jan 16, 2013 12:00 AM

China's State Administration of Taxation stated that in 2012, tax incomes climbed 11.2 percent on annual basis to $1.76 trillion, reported Xinhua News.

Of the total, $165 billion were export tax rebates, representing a jump of 13.3 percent from 2011, whereas money collected from personal income tax fell 8 percent and the individual business tax income dropped 12.5 percent.

It added that the incomes do not comprise customs duties and vessel tonnage taxes.

In order to prop up the economy, the Chinese government has boosted tax reduction efforts over recent years and in 2011 it lifted income tax exemption thresholds for wage earners and those owning their own businesses.

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