Shenzhen duties rise on hi-techs

PUBLISHED : Wednesday, 27 October, 1999, 12:00am
UPDATED : Wednesday, 27 October, 1999, 12:00am

High-technology companies have helped Shenzhen break the 10 billion yuan (about HK$9.33 billion) mark in collected customs duties for the first time.

Statistics for the nine months to September 30 show the special economic zone earned 10.01 billion yuan in customs duties, double that collected in the same period last year, according to the Economic Daily.

It is believed that an increase in the costlier hi-tech imports is one of the reasons for the big rise in duties.

According to customs, seven of the 10 most taxed enterprises in Shenzhen are involved in the hi-tech sector.

The policy to increase consumption, shown by an increase in value of imported goods and the anti-smuggling campaign, also had a role to play in the doubling of Shenzhen's customs duties.

Duties collected in Shenzhen account for about 10 per cent of the mainland total.

According to the People's Daily, customs and import taxes amounted to 115.06 billion yuan for the first nine months of the year.

This was the first time that nationwide taxes passed the 100 billion yuan point, the newspaper said.

Last year, only 91.8 billion yuan was collected through customs duties.