China raises cigarette taxes

By: wangfangqing

Beijing : China | 5 months ago

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The Chinese government has raised tax on cigarette by 6 to 11 percent in order to cover future government spending, according to China State Administration of Taxation. In the statement, it says the higher tax is to "increase the government's fiscal revenue." The financial burden on the government is uber-heavy due to the massive 4 trillion yuan (US$585 billion)stimulus package released last December. The nationwide fiscal spending hit 460.8 billion yuan (US$67.3 billion)in May, up 14.5 percent year-on-year,according to the Finance Ministry. China has the world's third largest population of smokers with 350 million out of its whole 1.3 billion citizens enjoying cigarettes. source: China Daily/Reuters

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