Declining taxes slash revenue
By Staff Reporter |
July 14, 2012, Saturday
|
Print Edition
Print Edition
GROWTH in China's fiscal revenue inched down in June as industrial corporate tax, import tax and individual income tax decreased.
China collected 1.1 trillion yuan (US$172 billion) in fiscal revenue in June, up 9.8 percent year on year, the Ministry of Finance said yesterday.
The annual growth pace was down from May's 13.1 percent. Corporate income tax grew 10.1 percent to 172 billion yuan, with the contribution from industrial companies dropping 1.5 percent.
The slower revenue growth was due to China's weakening economic growth and lower inflation level as well as a series of tax-cutting measures, the ministry said.
Individual income tax revenue was down 4.6 percent from a year ago to 48.9 billion yuan due to higher individual income tax threshold.
Tax collected from real estate companies dropped 8.5 percent from a year ago due to declining housing sales income.
Business tax added 9.6 percent to 783.8 billion yuan with a 37.2 percent hike in tax receipts from financial institutions.
Fiscal expenditure added 17.7 percent from the same period a year ago to 1.27 trillion yuan - nearly 1.09 trillion yuan by local governments and 187.3 billion yuan by the central government. The growth pace was higher than the 10.8 percent in May as the government hiked spending on infrastructure projects to boost economic growth.
China collected 1.1 trillion yuan (US$172 billion) in fiscal revenue in June, up 9.8 percent year on year, the Ministry of Finance said yesterday.
The annual growth pace was down from May's 13.1 percent. Corporate income tax grew 10.1 percent to 172 billion yuan, with the contribution from industrial companies dropping 1.5 percent.
The slower revenue growth was due to China's weakening economic growth and lower inflation level as well as a series of tax-cutting measures, the ministry said.
Individual income tax revenue was down 4.6 percent from a year ago to 48.9 billion yuan due to higher individual income tax threshold.
Tax collected from real estate companies dropped 8.5 percent from a year ago due to declining housing sales income.
Business tax added 9.6 percent to 783.8 billion yuan with a 37.2 percent hike in tax receipts from financial institutions.
Fiscal expenditure added 17.7 percent from the same period a year ago to 1.27 trillion yuan - nearly 1.09 trillion yuan by local governments and 187.3 billion yuan by the central government. The growth pace was higher than the 10.8 percent in May as the government hiked spending on infrastructure projects to boost economic growth.
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