China fact of the day

Like many developing countries, China gets little money from the personal income tax, which provides 6.5% of government revenue.  Most Chinese have never filed a tax return.

One implication is that a Chinese business slowdown and stock market crash would put a big dent in Chinese government revenue.  That is from today’s Wall Street Journal, p.A12, "In China, Collecting Income Tax Proves Problematic."


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