Tax rev­enue growth in 2016 slowed

China Daily (Canada) - - NEWS CAPSULE -

China saw slower year-on-year tax rev­enue growth in 2016, data from the na­tion’s tax author­ity showed.

Slower growth of tax rev­enue points to higher short-term pres­sure on gov­ern­ment spend­ing, but the econ­omy will ben­e­fit in the long run af­ter tax cut poli­cies for en­ter­prises grad­u­ally show re­sults, ex­perts said.

China col­lected $1.67 tril­lion (11.59 tril­lion yuan) in taxes last year, up by 4.8 per­cent year-onyear, but lower than the 6.6 per­cent growth rate in 2015, data from the State Ad­min­is­tra­tion of Tax­a­tion showed.

The growth rate of tax rev­enue was 1.9 per­cent­age points lower than the 6.7 per­cent GDP growth rate, show­ing a wider dif­fer­ence com­pared with a year ago. The tax rev­enue growth rate con­tin­ued to run slower than that of GDP growth start­ing in 2012.

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