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Fiscal revenue drops 17.1 percent in January
By Zhang Fengming |
February 16, 2009, Monday
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Online Edition
Online Edition
CHINA'S fiscal revenue fell 17.1 percent in January from a year ago on economic slowdown, tumbling corporate profits, tax cuts and holidays, the finance ministry said today.
China's fiscal revenue dropped to 613 billion yuan (US$90 billion) in January, the Ministry of Finance said on its Website today.
Of the total revenue, tax revenue fell by 16.7 percent to 563.9 billion yuan year-on-year. Tax on corporate income and individual income, business tax and tariffs all dropped last month.
The stamp duty on securities trading tumbled 95.7 percent last month on a sluggish capital market.
Meanwhile, export tax rebates rose 25 percent to 63.43 billion yuan, further eating into China's fiscal revenue.
The central government has taken measures to revive economic growth including granting more tax rebates on exports and trimming VAT.
Since January, the State Administration of Taxation shifted the production-based VAT system to a consumption-based system. Costs of equipment buying can be covered with tax deductions in the consumption-based VAT systems to trim company tax payments.
The move is expected to reduce corporate tax burdens by more than 120 billion yuan this year.
The ministry cited several other reasons for the decreasing fiscal revenue including the slump of corporate profits amid the economic slowdown.
The Chinese Lunar New Year holidays fell in January, a month ahead of previous calendars, taking out five-working days compared to a year ago. It also trimmed the monthly fiscal income, the ministry said.
Industry watchers have expected a fiscal revenue drop on China's active fiscal policy in the face of a slowing economy.
China's fiscal revenue dropped to 613 billion yuan (US$90 billion) in January, the Ministry of Finance said on its Website today.
Of the total revenue, tax revenue fell by 16.7 percent to 563.9 billion yuan year-on-year. Tax on corporate income and individual income, business tax and tariffs all dropped last month.
The stamp duty on securities trading tumbled 95.7 percent last month on a sluggish capital market.
Meanwhile, export tax rebates rose 25 percent to 63.43 billion yuan, further eating into China's fiscal revenue.
The central government has taken measures to revive economic growth including granting more tax rebates on exports and trimming VAT.
Since January, the State Administration of Taxation shifted the production-based VAT system to a consumption-based system. Costs of equipment buying can be covered with tax deductions in the consumption-based VAT systems to trim company tax payments.
The move is expected to reduce corporate tax burdens by more than 120 billion yuan this year.
The ministry cited several other reasons for the decreasing fiscal revenue including the slump of corporate profits amid the economic slowdown.
The Chinese Lunar New Year holidays fell in January, a month ahead of previous calendars, taking out five-working days compared to a year ago. It also trimmed the monthly fiscal income, the ministry said.
Industry watchers have expected a fiscal revenue drop on China's active fiscal policy in the face of a slowing economy.
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