Tibet’s tax revenue surges in 2016

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Southwest China’s Tibet Autonomous Region reported a 31.9 percent rise in tax revenue last year, the fastest annual growth rate among all Chinese localities.

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Tibet’s tax revenue totaled 25.9 billion yuan (3.77 billion U.S. dollars) in 2016, roughly 6.27 billion yuan more than in 2015, according to an official press release.

It said the growth was not due to increasing tax burdens on businesses.

“Taxation authorities in Tibet took a series of tax cut measures last year to relieve 12.95 billion yuan of burdens on businesses,” it said.

The rapid growth in tax revenue was largely attributed to vigorous leasing transactions, business services, transportation and IT industries.

Meanwhile, Tibet’s robust economic development provided a strong financial basis for its tax revenue increase, according to Hu Suhua, chief of Tibet’s regional office of the State Administration of Taxation.

Last year, the plateau region’s GDP reached 114.8 billion yuan (16.5 billion U.S. dollars), up 11.5 percent from 2015. It was the 24th straight year of double-digit growth, Hu said. Enditem

Source: Xinhua/NewsGhana.com.gh

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