Life of Guangzhou - Collected Corporate Income Tax Rockets from Overseas Financial Firms

More and more foreign banks have been located in Zhujiang New Town, such as Sumitomo Mitsui Bank, Bank of Montreal, Mizuho Bank, Bank of Tokyo-Mitsubishi, Bank of Overseas Chinese from Singapore, etc.

The collected corporate income tax (CIT) from the foreign funded financial organizations in Guangzhou surged to 169 million RMB (24.8 million USD) in the first half of 2009, according to the Guangzhou National Taxation Administration.

The tax revenue increased by 72 million RMB (10.6 million USD), 74% up from 2008 on year-on-year basis.

Meanwhile, the GDP of Guangzhou in the first six months reached 391.7 billion RMB (57.4 billion USD), 8.5% up from last year, according to Municipal Statistics Bureau.

The GDP of Tianhe District still ranks the first in this South China city, and Luoguang District’s performance sees the biggest leap.

The CIT revenue rise is mainly thanks to the substantial increase of ‘accrued income tax’ and foreign banks' profit.

(By Zhu Yanshan)

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