SHANGHAI: Shanghai’s tax revenue surged 22 percent from a year ago to more than 1 trillion yuan last year for the first time as stamp duty rose due to active stock market trading.
The city collected 1.12 trillion yuan (US$170 billion) in tax in 2015, the Shanghai Taxation Bureau said in a statement yesterday. Tax receipts expanded 11.7 percent in 2014.
However if stamp duty was not included, the city’s tax revenue totaled 988.61 billion yuan last year, up 11.3 percent year on year, faster than the 10.9 percent growth in the year before.
Seven of the top 10 tax contributors in tertiary industry were financial companies.
The three biggest tax payers in manufacturing were Shanghai Tobacco Group, SAIC Volkswagen, and the Shanghai Gaoqiao branch of Sinopec.