* China Sets 2006 Tax Revenue RecordAs expected, China has set another annual tax collection record with tax revenues collected in 2006 surpassing the previous year's level by 22%, the State Administration for Taxation has reported.
According to the SAT, the authorities collected almost 3.8 trillion yuan (US$486 billion) in taxes during last year, although this was slightly lower than the 3.9 trillion yuan predicted by Finance Minister Jin Renqing at an annual fiscal conference last month.
This year's 22% increase in revenues follows the 20% gain seen in 2005 and reflects China's continued rapid pace of economic growth. It is believed that taxes collected from private businesses have been growing especially fast. The Chinese economy is estimated to have grown by 10% in 2006.
Efforts by the government to tighten up tax compliance and crack down on tax evasion are also likely to be contributing to the growing tax revenue haul.
The SAT's figures exclude revenues from import tariffs and real estate taxes, meaning that the overall revenue figure is likely to be substantially higher, given the booming real estate markets in certain parts of the country.