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Fiscal revenue growth eases to 13.1%
By Ding Yining |
June 11, 2012, Monday
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Online Edition
Online Edition
CHINA'S fiscal revenue growth eased in May due to slower economic growth and a smaller increase in tax income, the Ministry of Finance said in the morning.
Fiscal income rose 13.1 percent annually to 1.2 trillion yuan (US$190 billion) in May, according to a statement posted on the ministry's website today.
The rise was slower than the year-on-year increase of 34 percent in May 2011.
Tax receipts rose 13.7 percent year on year to 1.05 trillion yuan, accounting for 87.7 percent of total fiscal income.
Last month, fiscal expenditure grew 10.8 percent to 916.5 billion yuan as China stepped up investment projects to boost the economy.
The central government's expenditures rose 15.4 percent in May from a year earlier and those of local governments added 9.9 percent, the ministry said.
In the first five months fiscal income rose 12.7 percent, lower than the 32 percent increase in the same period last year.
Enterprise income tax jumped 29.9 percent from the same period a year ago to 432.8 billion yuan due to a one-time annual income tax payment from domestic banks based on their high profit in 2011.
Excluding the one-off factor, business tax income was up 9 percent annually.
Fiscal income rose 13.1 percent annually to 1.2 trillion yuan (US$190 billion) in May, according to a statement posted on the ministry's website today.
The rise was slower than the year-on-year increase of 34 percent in May 2011.
Tax receipts rose 13.7 percent year on year to 1.05 trillion yuan, accounting for 87.7 percent of total fiscal income.
Last month, fiscal expenditure grew 10.8 percent to 916.5 billion yuan as China stepped up investment projects to boost the economy.
The central government's expenditures rose 15.4 percent in May from a year earlier and those of local governments added 9.9 percent, the ministry said.
In the first five months fiscal income rose 12.7 percent, lower than the 32 percent increase in the same period last year.
Enterprise income tax jumped 29.9 percent from the same period a year ago to 432.8 billion yuan due to a one-time annual income tax payment from domestic banks based on their high profit in 2011.
Excluding the one-off factor, business tax income was up 9 percent annually.
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