Local Revenue


March, 2011

In Q1 2011, the local government revenues of the Municipality amount to RMB 103.45 billion, RMB 28.02 billion or 37.1% higher than the previous year, in which the Municipal-level revenues amounts to RMB 47.41 billion, RMB 11.2 billion or 30.9% up from the previous year. Among the major items, VAT increases by 20.8%, business tax increases by 15.6%, corporate income tax increases by 36.7%, personal income tax increases by 27.6%, and contract tax increases by 72.5%.

The local government revenues grow fast in Q1 2011. Besides the city's stable economic growth and the boom of the consumption and services market, the fast growth is also owing to the fact that the State starts to levy the urban maintenance and construction tax and the education surcharges on foreign invested enterprises, and the city strengthens liquidation and check of taxes on real estate development projects.