Fiscal revenue expected to ease further
By Winny Wang |
August 12, 2011, Friday
|
Print Edition
Print Edition
CHINA'S fiscal revenue grew at a slower pace in July due to a cooling economy, and the Ministry of Finance predicted that the implementation of a higher personal income tax threshold from September is likely to see a further moderation in revenue.
The fiscal revenue increased 26.7 percent last month from a year earlier to 986.41 billion yuan (US$154.25 billion), the ministry said in a statement on its website yesterday. It rose 27.6 percent in June.
"The growth in fiscal revenue may continue to slow due to the moderating Chinese economy and the implementation of a higher individual income tax threshold," the ministry said.
China's gross domestic product expanded 9.5 percent annually in the second quarter, slightly slower than 9.7 percent in the first quarter and 10.3 percent last year. Some analysts expect the GDP to ease sharply in the second half of this year.
Income tax receipts, which accounted for 6 percent of China's fiscal revenue last year, jumped 36 percent to 50.58 billion yuan in July.
From September 1, the personal income tax threshold will be revised to 3,500 yuan from 2,000 yuan, exempting millions of people from having to pay tax.
The government collected corporate income tax of 262.3 billion yuan in July, up 34.4 percent annually. Business tax receipts jumped 28.2 percent to 133.2 billion yuan while collections from value-added tax rose 14.5 percent to 175.49 billion yuan.
In the first seven months, fiscal revenue surged 30.5 percent from a year earlier to 6.67 trillion yuan, and tax revenue climbed 28.9 percent annually to 5.87 trillion yuan.
The fiscal revenue increased 26.7 percent last month from a year earlier to 986.41 billion yuan (US$154.25 billion), the ministry said in a statement on its website yesterday. It rose 27.6 percent in June.
"The growth in fiscal revenue may continue to slow due to the moderating Chinese economy and the implementation of a higher individual income tax threshold," the ministry said.
China's gross domestic product expanded 9.5 percent annually in the second quarter, slightly slower than 9.7 percent in the first quarter and 10.3 percent last year. Some analysts expect the GDP to ease sharply in the second half of this year.
Income tax receipts, which accounted for 6 percent of China's fiscal revenue last year, jumped 36 percent to 50.58 billion yuan in July.
From September 1, the personal income tax threshold will be revised to 3,500 yuan from 2,000 yuan, exempting millions of people from having to pay tax.
The government collected corporate income tax of 262.3 billion yuan in July, up 34.4 percent annually. Business tax receipts jumped 28.2 percent to 133.2 billion yuan while collections from value-added tax rose 14.5 percent to 175.49 billion yuan.
In the first seven months, fiscal revenue surged 30.5 percent from a year earlier to 6.67 trillion yuan, and tax revenue climbed 28.9 percent annually to 5.87 trillion yuan.
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