China tax collection down
Government tax collections in China have decreased in the first half of 2012, the finance ministry said.
Beijing: Government tax collections in China have decreased in the first half of 2012, the finance ministry said.
Collection of taxes related to personal income and real estate has decreased in the first six months as compared to the same period a year ago, the China Daily reported.
The amount of personal income taxes collected fell by 8 percent year-on-year in the first six months, hitting 372.2 billion yuan (USD 59 billion).
Meanwhile, the country continues to rein in its housing market and apply curbs to property prices, the newspaper said Wednesday.
As a result, less revenue was collected from taxes imposed on the property industry, which used to contribute the majority of local governments' revenues.