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China's tax revenue from three mining industries grows 40 percent-odd in Jan.-Ap
(www.chinamining.org)
Updated: 2008-07-04 14:29
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    China's tax revenue contributed by coal mining, oil exploitation and metallurgical and metal mining and dressing all grew 40 percent-odd in the first four months of this year, 12 percentage points higher than the growth of tax revenue generated by the country's key tax-paying enterprises, according to the State Administration of Taxation.


   The latest statistics of SAT shows that the country's key tax-payers under monitor realized tax revenue of 1049.7 billion yuan in the period, up 28.2 percent year on year.   Meanwhile, the coal mining and dressing industry created tax revenue of 33.5 billion yuan, oil and gas exploitation, 73.9 billion yuan, and metallurgical and metal mining and dressing, 15.3 billion yuan, up 47 percent, 45.9 percent and 42.6 percent year on year, respectively.


   According to SAT analyst, the increase of tax revenue from these three industries mainly benefits from the country's rapid economic development, which pushed up market demand for energy sources and nonferrous metals.


   In addition, oil prices and resources prices on the international market kept hiking all the way, making these industries' profitability jump by a big margin.


   By taxation items, new tax sources value added tax (VAT) and tax revenue grew fast in such industries as ferrous metal mining and dressing, oil and gas exploitation, coal mining and dressing, farm produce and byproduct processing.


   In this period, the ferrous metal mining and dressing had a VAT taxable sales volume of 66.5 billion yuan, up 84.9 percent year on year, realized VAT of 4.8 billion yuan, and paid 4.38 billion yuan, up 97 percent and 102 percent, respectively.


   The oil and gas exploitation industry had its VAT taxable sales volume increased by 38.8 percent to hit 333 billion yuan. The achieved VAT ran up 58.3 percent to 34.6 billion yuan.

 
 

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