Over 6m new taxpayers in January-May period in China

1.522 million new market entities in May have applied for tax-related business, such as taxes identification, invoice collection and tax payment declaration, an increase of 24.9 percent from the same period last year, data from the State Taxation Administration showed. 

According to the data, newly registered enterprises and self-employed individuals were numbered 691,000 and 817,000, representing a rise of 27.1 percent and 33.7 percent year-on-year respectively. By industry, 45,000, 173,000, and 1,304,000 new taxpaying business entities were seen in the primary, secondary, and tertiary industries respectively, up 27.5 percent, 15.3 percent and 26.2 percent year-on-year. By sectors, the number of new taxpaying business entities has risen in 17 out of the 20 industrial sectors over the same period last year, especially in science and technology services, leasing and business services, and sports and entertainment, with a year-on-year surging of 118 percent, 51.7 percent and 50.2 percent respectively. In manufacturing industry, the year-on-year growth rate is 7.6 percent. 

By economic type, the number of new taxpaying business entities stood at 1.509 million in the private sector, up 25 percent year-on-year; New taxpaying business entities in the foreign-funded economy numbered 0.3 million, a rise of 52.9 percent year-on-year, and 10,000 more in the state-owned and collective economy, up 16.1 percent from a year ago. 

By region, 754,000, 363,000 and 405,000 new taxpaying business entities have been registered in the eastern, central and western China respectively, representing a year-on-year growth of 45.1 percent, 2.3 percent and 17.9 percent respectively. 

The administration will further improve the working mechanism and optimize the implementation of initiatives with in-depth investigation and research, and the evaluation of the effectiveness, said a senior officer of the State Taxation Administration, adding to facilitate the implementation of tax preferential policies and tax and fee payment measures. Measures are taken to stimulate the vitality of business entities, increasing their confidence with strong expectations, and thus making more contributions to promoting sustainable economic recovery, and achieving effective and reasonable economic growth in quality and quantity.

Source from State taxation administration of the P.R.C.

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