China's tax revenue up 18.8% in 2008, but growth rate slides

2009-02-20 07:53:43 GMT2009-02-20 15:53:43 (Beijing Time) Xinhua English

(File photo)

BEIJING, Feb. 20 (Xinhua) -- China's tax revenue climbed 18.8 percent year-on-year to 5.42 trillion yuan (792.68 billion U.S. dollars) in 2008, the Ministry of Finance said Friday.

The growth rate was 14.9 percentage points lower than 2007.

Value-added, corporate income and business tax revenues rose 16.3 percent, 27.3 percent and 15.9 percent, respectively.

These three types of tax contributed about 70 percent of the increased revenue of about 859 billion yuan, according to the ministry.

Tax revenues weakened in the second half of 2008, with a decline in the fourth quarter, the ministry said.

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