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China's 2012 tax incomes rise 11.2%

Source:   Time:

BEIJING, Jan. 16 (Xinhua) -- China collected 11.07 trillion yuan (1.76 trillion U.S. dollars) in taxation last year, an increase of 11.2 percent year on year, the State Administration of Taxation data showed Wednesday.

Of the incomes, export tax rebates grew 13.3 percent from a year earlier to 1.04 trillion yuan boosted by the country's favorable export policies, according to the data.

Money collected from personal income tax dropped 8 percent year on year, while the individual business tax income declined 12.5 percent, the data showed.

The government has stepped up tax reduction efforts over recent years in a bid to buoy the economy. In 2011, it raised income tax exemption thresholds for wage-earners and those owning individual businesses.

The incomes do not include customs duties and vessel tonnage taxes, the administration said.

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