Guangzhou resident enterprise income taxes of RMB 20.154 billion in the first five months of this year, representing a year-on-year increase of RMB 7.226 billion or 55.89%, according to the Guangzhou Office of the State Administration of Taxation.
The upsurge in tax revenues is largely attributable to economic growth. Since the beginning of 2010, China's economy has exhibited a strong upward tendency. In Guangzhou, tax payments by major enterprises have surged forward. In the first five months of the year, the city's banking and insurance industries paid RMB 2.483 billion in income taxes, RMB 1.142 billion more than the same period last year.
