China’s personal income tax revenue soars 13% as top earners face tighter compliance

With China’s personal income tax revenue jumping more than 13 per cent in the first half of the year – outpacing income growth by nearly eight percentage points – analysts said the gains were largely driven by local tax compliance campaigns targeting higher-income earners. Data released by the Ministry of Finance on Wednesday showed that personal income tax collections reached 898.2 billion yuan (US$132.7 billion) in the first six months of the year, up 13.1 per cent year on year. Estimates by..