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August 13, 2009

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Fiscal revenue growth slows

CHINA'S fiscal revenue growth slowed last month from June as the government's finances remain tight, the Ministry of Finance said yesterday.

Fiscal revenue grew 10.2 percent year on year to 669.6 billion yuan (US$98 billion) in July, down from 19.6 percent in June, the ministry said yesterday on its Website.

"Fiscal revenue has been growing on a year-on-year basis as the economy recovers," the ministry said. "However, this year's fiscal revenue is still tight despite recent growth."

Starting in May, fiscal revenue has increased each month year on year after four straight monthly declines.

Despite the recent growth, total fiscal revenue inched down to 4.07 trillion yuan, a 0.5 percent drop on year, in the first seven months.

Shrinking tax income contributed to the drop in fiscal revenue.

Tax revenue dropped 3.5 percent on year to 3.55 trillion yuan in the first seven months.

Revenue fell from various levies such as corporate income tax, value added tax on imports, tariffs, consumption tax and a stamp duty on stock transactions.

At the same time, tax rebates on exports rose 17.9 percent in the period as the central government tried to revive the ailing sector.

Exports slid 23 percent on year in July to US$105.4 billion. The sector has posted seven straight monthly decreases and has been hardest hit by the global economic meltdown.

Authorities have already made efforts to prevent tax evasion.

The State Administration of Taxation has issued two notices this year, listing about 100 major companies in five key industries - banking, insurance, petrochemicals, electronics and telecommunications. The notices require firms to tighten internal tax examination, sources said earlier.

The tax body will fine such companies and collect unpaid taxes if it uncovers cases of tax evasion.

Last month, fiscal expenditure rose 9.3 percent on year to 498.57 billion yuan. Total fiscal expenditure rose 23.5 percent to 3.39 trillion yuan in the first seven months.


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