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China’s H1 tax revenue up 9.4 percent

Updated: Jul 20,2016 8:17 PM     Xinhua

BEIJING — China collected 6.5 trillion yuan ($985 billion) in taxes in the first half of 2016, up 9.4 percent year on year, data from the State Administration of Taxation (SAT) showed on July 20.

Taxes collected from tertiary industry rose 10.9 percent year on year, accounting for 58.2 percent of the total, said the SAT.

The surge in tax revenue from tertiary industry reflected an adjustment in China’s economic structure and rising consumption demand, said Zheng Xiaoying, a senior SAT official.

Meanwhile, tax revenue from high-end manufacturing also increased rapidly thanks to the country’s innovation drive.

Tax collected from auto manufacturing, pharmaceuticals and aerospace equipment manufacturing in the first half rose 7.2 percent, 12.2 percent and 11.1 percent, respectively.

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