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March 14, 2014

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Fiscal revenue climbs faster on import taxes

China’s fiscal revenue rose faster in the first two months of this year as import-related taxes rebounded.

Its fiscal revenue climbed 11.1 percent year on year in January and February to 2.49 trillion yuan (US$406 billion), the Ministry of Finance said in a statement yesterday.

During the same period of last year the revenue grew 1.6 percent, the ministry said.

“Last year’s base was low due to a big decline in import duties,” the statement said.

The value-added and consumption tax for imported goods rose 15.3 percent to 215.8 billion yuan in the first two months while import duties jumped 21.4 percent to 43.2 billion yuan.

The statement said the central government revenue rose 9.2 percent year on year to 1.18 trillion yuan.

The local government revenue gained 12.9 percent from a year earlier to 1.32 trillion yuan, with real estate-related tax contributing nearly 4 percentage points of the growth.


 

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