Fiscal revenues in May quicker than April gain
By Ding Yining |
June 12, 2012, Tuesday
|
Print Edition
Print Edition
CHINA'S fiscal revenues rose 13.1 percent in May from a year earlier, accelerating from the 6.9 percent gain in April, the Ministry of Finance said on its website yesterday.
The quicker pace was attributed to a one-off effect of tax revenue from financial industry.
However, individual income tax and business tax from the real estate sector declined.
Fiscal income totaled 1.2 trillion yuan (US$190 billion) last month, according to the ministry.
Enterprise income tax gained 29.9 percent year on year 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 that one-off factor, fiscal revenue growth was around 5 percent.
The rise was slower than the increase of 34 percent in the same month of last year due to shrinking profit, slower economic growth and a series of tax cuts.
Tax receipts rose 13.7 percent on an annual basis to 1.05 trillion yuan, accounting for 87.7 percent of total fiscal income.
Last month, China's fiscal spending grew 10.8 percent to 916.5 billion yuan, up from April's 8 percent growth rate as it boosts investment projects.
The quicker pace was attributed to a one-off effect of tax revenue from financial industry.
However, individual income tax and business tax from the real estate sector declined.
Fiscal income totaled 1.2 trillion yuan (US$190 billion) last month, according to the ministry.
Enterprise income tax gained 29.9 percent year on year 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 that one-off factor, fiscal revenue growth was around 5 percent.
The rise was slower than the increase of 34 percent in the same month of last year due to shrinking profit, slower economic growth and a series of tax cuts.
Tax receipts rose 13.7 percent on an annual basis to 1.05 trillion yuan, accounting for 87.7 percent of total fiscal income.
Last month, China's fiscal spending grew 10.8 percent to 916.5 billion yuan, up from April's 8 percent growth rate as it boosts investment projects.
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