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China 2016 tax revenue growth slows to 4.8 percent
January 12, 2017 / 11:23 AM / a year ago

China 2016 tax revenue growth slows to 4.8 percent

BEIJING (Reuters) - China’s 2016 tax revenue increased 4.8 percent from the previous year, the head of the country’s tax authority said on Thursday, marking a decline from 6.6 percent growth in 2015.

Tax cuts were a main reason for lower growth in tax revenue in 2016, said Wang Jun in an interview posted to the website of the State Administration of Taxation.

China made a full switch to a value-added tax system from a flat business tax for companies last year, which the government had said would save companies 500 billion yuan in taxes for 2016.

China’s Ministry of Finance has not yet published December fiscal revenue. Through November, fiscal revenue increased 5.7 percent, while tax revenue (before export rebate deductions) increased 6.0 percent.

Reporting by Elias Glenn; Editing by Jacqueline Wong

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