China sees more taxpayers in May

F.P. Reprot

BEIJING: China witnessed a spike in the number of new taxpaying market entities in May as the country’s economy continues to recover.

A total of 1.52 million new market entities handling tax-related business were registered in May, an increase of 24.9 percent from the same period last year, data from the State Taxation Administration showed.

In May, newly registered companies numbered about 691,000, representing a rise of 27.1 percent year on year, while the number of new individual businesses stood at about 817,000, up 33.7% from a year ago.

In the first five months, the total number of new taxpaying market entities totaled nearly 6.44 million, up 15.5% year on year.

By the end of May, the number of taxpaying market entities stood at 86.92 million, up 7.5% year on year.

Meanwhile, China’s used vehicle sales surged 25.95 percent year on year in May, data from the China Automobile Dealers Association showed.

About 1.5 million used vehicles changed hands in the country last month, with a total transaction value of 93.24 billion yuan (about 13.08 billion U.S. dollars), according to the association.

During the January-May period, around 7.24 million second-hand vehicles were traded in China, up 17.29 percent from the same period last year.

The total transaction value of these traded stood at 454.38 billion yuan, the data revealed. (APP)