The State Administration of Taxation (SAT) said Monday that tax revenue for the first eleven months of the year totaled 1,131.836 billion yuan (US$136.37 billion), accounting for 102.3 percent of the planned annual target.

The figure is 214.625 billion yuan (US$25.86 billion) more than that of the same period last year, setting a new record.

The SAT said that the rapid increase of tax revenue was due to stable economic growth, a surge in corporate profits, the impact of one-off factors and stricter tax administration.

According to SAT, the economic growth and improved profits of enterprises have contributed to 60-70 percent of the increase of tax revenue this year.

Such one-off factors as the adjustment of preferential policies toward companies with overseas investment, cancellation of tax incentives to enterprises run by schools, the resumption of levying income tax on interest of savings deposits and rocketing oil and steel prices have increased tax revenues by about 40 billion to 50 billion yuan, said the SAT.

Taxation authorities at all levels had successfully reclaimed 22 billion yuan worth of defaulted taxes by the end of November, according to SAT.

(Xinhua 12/11/2000)