Slowdown in government revenue hike
By Ding Yining |
April 14, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S fiscal revenue rose at a slower pace in the first quarter of this year, as a result of slower economic growth and tax reduction plans coming into effect.
In the first three months, fiscal income increased 14.7 percent year on year to 2.99 trillion yuan (US$475 billion), down from the 33.1 percent growth for the same period of last year, the Ministry of Finance said yesterday.
Tax receipts rose 10.3 percent year on year to 2.59 trillion yuan, accounting for 86 percent of total fiscal revenue.
Domestic value-added tax receipts added 5.4 percent to 660.2 billion yuan, an easing on the 23.2 percent rise in the same period of 2011. This was put down to slower industrial output growth and VAT restructuring.
Consumption tax revenue rose 15.1 percent to 239.2 billion yuan. Receipts from personal income tax fell 6.2 percent to 191 billion yuan after the threshold was raised. Stamp tax revenue fell 30 percent to 9.2 billion yuan due to low investor sentiment.
In the first three months, fiscal income increased 14.7 percent year on year to 2.99 trillion yuan (US$475 billion), down from the 33.1 percent growth for the same period of last year, the Ministry of Finance said yesterday.
Tax receipts rose 10.3 percent year on year to 2.59 trillion yuan, accounting for 86 percent of total fiscal revenue.
Domestic value-added tax receipts added 5.4 percent to 660.2 billion yuan, an easing on the 23.2 percent rise in the same period of 2011. This was put down to slower industrial output growth and VAT restructuring.
Consumption tax revenue rose 15.1 percent to 239.2 billion yuan. Receipts from personal income tax fell 6.2 percent to 191 billion yuan after the threshold was raised. Stamp tax revenue fell 30 percent to 9.2 billion yuan due to low investor sentiment.
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