Taxing problem
China Daily | Updated: 2010-05-21 07:52
The steady increase in the number of tax paying elite is good news for retailers who seek to profit from the country's consumption boom. It is also a prism through which China's widening income gap can be viewed.
According to tax authorities, the number of well-to-do taxpayers earning more than 120,000 yuan annually increased last year.
They say 2.69 million people earned an average of nearly 350,000 yuan ($51,200) annually in 2009. They paid 138 billion yuan in individual income tax, accounting for 35.5 percent of the country's total personal income tax receipts.
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