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China fiscal revenue up 25% to 10.37t yuan
By Richard Fu |
January 20, 2012, Friday
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Online Edition
Online Edition
CHINA posted a record fiscal revenue of 10.37 trillion yuan (US$1.64 trillion) in 2011, up about 25 percent from a year earlier, the Ministry of Finance said today. The data reflects strong economic growth and handsome corporate profits.
Of the total, individual income tax jumped 25.2 percent to 605.4 billion yuan last year. It dropped 5.5 percent in the fourth quarter after China raised individual income tax threshold. That resulted in a total saving of 55 billion yuan for individuals in the last three months of 2011, the ministry said.
Revenue growth has been slowing as economic expansion moderated. It gained 27 percent in the first 11 months of 2011.
Meanwhile, national fiscal expenditure rose 21.2 percent to 10.89 trillion yuan. This resulted in a full-year fiscal deficit of 519 billion yuan, or 1.1 percent of the gross domestic product, and falling short of the 900 yuan target set by the ministry last March.
Of the total, individual income tax jumped 25.2 percent to 605.4 billion yuan last year. It dropped 5.5 percent in the fourth quarter after China raised individual income tax threshold. That resulted in a total saving of 55 billion yuan for individuals in the last three months of 2011, the ministry said.
Revenue growth has been slowing as economic expansion moderated. It gained 27 percent in the first 11 months of 2011.
Meanwhile, national fiscal expenditure rose 21.2 percent to 10.89 trillion yuan. This resulted in a full-year fiscal deficit of 519 billion yuan, or 1.1 percent of the gross domestic product, and falling short of the 900 yuan target set by the ministry last March.
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