China’s tax revenue to surpass 155 trillion yuan over five-year plan, says tax chief

China’s tax revenue over the 2021–2025 five-year plan is expected to exceed 155 trillion yuan (HK$170.06 trillion), accounting for around 80 percent of the country’s total fiscal income, according to Hu Jinglin, head of the State Taxation Administration.

Hu said a series of tax and fee relief measures rolled out during the period are expected to result in cumulative reductions of 10.5 trillion yuan, while export tax rebates are estimated to exceed 9 trillion yuan. 

Meanwhile, China’s continued efforts to open up have led to a 12.7 percent increase in foreign-invested tax-registered businesses as of end-June compared with 2020, with inbound capital rising steadily, he added.

STAFF REPORTER