Tax revenues post 10pc rise despite state sector overhaul

Mainland industrial and commercial tax yields grew 10 per cent in the first quarter. The China Daily yesterday quoted figures from the State Administration of Taxation showing the mainland collected 172.36 billion yuan (about HK$160.45 billion) in the first quarter, up 15.67 billion yuan on the same period last year. Tax revenues from industries affected by the Southeast Asian financial crisis and the present overhaul of state-owned enterprises were down sharply.