China's Tax Revenue Exceeds 15.5 Trillion Yuan During 14th Five-Year Plan Period

Strategic Insights -

China's tax authorities have reported a significant increase in tax revenue during the 14th Five-Year Plan period, with cumulative tax and fee revenue exceeding 15.5 trillion yuan, accounting for about 80% of the total fiscal revenue. This marks a substantial growth in the country's economy, with tax revenue exceeding 8.5 trillion yuan without deducting export tax rebates. The tax authorities have also introduced tax and fee reduction policies, with cumulative new tax and fee reductions nationwide expected to reach 10.5 trillion yuan, and export tax rebates exceeding 9 trillion yuan.

Key Takeaways:

  • During the 14th Five-Year Plan period, China's tax authorities' cumulative tax and fee revenue is expected to exceed 15.5 trillion yuan, accounting for about 80% of the total fiscal revenue.
  • Tax revenue without deducting export tax rebates will exceed 8.5 trillion yuan.
  • The tax authorities' cumulative collection of social insurance premiums and land transfer fees and other revenues during the 14th Five-Year Plan period will exceed 7 trillion yuan.
  • China has introduced a series of tax and fee reduction policies, resulting in a cumulative new tax and fee reduction of 10.5 trillion yuan and export tax rebates exceeding 9 trillion yuan.
  • The number of tax-related business entities nationwide has exceeded 100 million, showing strong resilience and vitality in the market.
  • The sales revenue of the manufacturing industry accounted for about 29% of the total sales revenue during the 14th Five-Year Plan period, with the sales revenue of high-tech industries increasing by 13.9% annually.
  • The sales revenue of the private economy accounted for 71.7% of the total sales revenue in the first half of this year, an increase of 2.8 percentage points from 2020.
  • The tax authorities have established a new tax law enforcement system, with 62,100 taxpayers investigated and dealt with, recovering 571 billion yuan in tax losses, and exposing more than 1,500 typical tax-related cases.

Statistics:

  • Cumulative tax and fee revenue is expected to exceed 15.5 trillion yuan during the 14th Five-Year Plan period.
  • Tax revenue without deducting export tax rebates is expected to exceed 8.5 trillion yuan.
  • Cumulative collection of social insurance premiums and land transfer fees and other revenues exceeds 7 trillion yuan.
  • Number of tax-related business entities nationwide exceeds 100 million, with a net increase of 30 million from the end of 2020.
  • Sales revenue of the manufacturing industry accounted for about 29% of the total sales revenue during the 14th Five-Year Plan period.
  • Sales revenue of high-tech industries increased by 13.9% annually during the 14th Five-Year Plan period.
  • Sales revenue of the private economy accounted for 71.7% of the total sales revenue in the first half of this year, an increase of 2.8 percentage points from 2020.
  • Tax authorities recovered 571 billion yuan in tax losses.
  • Over 1,500 typical tax-related cases were exposed.

Sources:

  • Xinhua News Agency, Beijing, July 28 (Reporters Liu Kaixiong and Shen Cheng)
  • "High-quality Completion of the 14th Five-Year Plan" press conference by the State Council Information Office, July 28
  • [Source 1]
  • [Source 2]

(Xinhua News Agency)