China tax collection down

By IANS,

Beijing : Government tax collections in China have decreased in the first half of 2012, the finance ministry said.

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Collection of taxes related to personal income and real estate has decreased in the first six months as compared to the same period a year ago, the China Daily reported.

The amount of personal income taxes collected fell by 8 percent year-on-year in the first six months, hitting 372.2 billion yuan ($59 billion).

Meanwhile, the country continues to rein in its housing market and apply curbs to property prices, the newspaper said Wednesday.

As a result, less revenue was collected from taxes imposed on the property industry, which used to contribute the majority of local governments’ revenues.