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State Administration of Taxation: September Tax Income Took Deep Dive

The State Administration of Taxation disclosed that the state tax income growth rate was 2.5 percent in September, a significant drop compared with 33.5 percent reported in the first half of this year and over 20 percent for the past ten years. The drop was mainly driven by the slow economy which has caused decrease in business profits and taxes including value added taxes, sales tax and stamp duty, according to the Administration of Taxation. It is predicted that the fourth quarter will continue to see the decreasing trend or even the negative growth.

Source: Sina, October 18, 2008