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Tax Revenue in Shanghai's Boomtown Sets New Record
The Pudong New District, the boomtown in the port city of Shanghai, collected 10.2 billion yuan(US$1.2 billion) in tax revenue during the first half of this year, a record high and 31.65 percent up on the same period last year.

Local tax department officials said value-added tax and consumer tax increased by nearly 30 percent, while sales tax was up almost 50 percent and income tax rose 25 percent.

Tax revenue from overseas-funded, join-stock and private firms grew by 37 percent, 58.47 percent and 75 percent, respectively.

Nearly 600 foreign-funded firms in the district contributed to 5.9 billion yuan (US$719 million) in taxes.

Brisk sales on the housing market also resulted in 71 percent year-on-year growth in real estate tax revenue bringing it to 1.46 billion yuan (US$178 million).

Sales tax also rose by 33.6 percent to 2.57 billion yuan (US$313 million).

(Xinhua News Agency July 31, 2002)

Tax Revenue Grows Thirteen Percent
Tax Revenues Hit 1009.5 Bn Yuan in First Eight Months
Interest Tax Revenue Increasing
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