Slowdown, tax breaks slow rise in China's fiscal revenue in 2012
Source: Xinhua |
January 23, 2013, Wednesday
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Print Edition
Print Edition
CHINA'S fiscal revenue growth slowed sharply in 2012 due to an economic downshift and tax breaks, the Ministry of Finance said in a statement yesterday.
National fiscal revenues rose 12.8 percent year on year to 11.7 trillion yuan (US$1.9 trillion), with the growth rate dropping 12.2 percentage points from a year earlier, the ministry said.
The ministry attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
Of the total fiscal revenues, tax revenues hit 10.1 trillion yuan, up 12.1 percent from a year earlier, but the growth rate fell 10.5 percentage points from the 2011 level.
Fiscal revenues in China include taxes, administrative fees and other government income, such as fines and income from state-owned assets.
Revenue from value-added taxes gained 8.9 percent to 2.6 trillion yuan, while that from business taxes added 15.1 percent to 1.6 trillion yuan.
Corporate income tax revenue rose 17.2 percent annually to 2 trillion yuan.
Individual income tax revenues dipped 3.9 percent to 582 billion yuan, affected by the government's move in September 2011 to raise the threshold at which individuals must pay income taxes from 2,000 yuan to 3,500 yuan.
The central government collected 5.6 trillion yuan in fiscal revenues in 2012, up an annual 9.4 percent, while local governments' fiscal revenues grew 16.2 percent to 6.1 trillion yuan.
On a quarterly basis, China's fiscal revenue growth rose to 19.9 percent in the fourth quarter of 2012 from 14.7 percent in the first quarter, 10 percent in the second and 8.1 percent in the third.
The fourth-quarter rebound was mainly caused by a low base in the same period of 2011, the ministry said.
China's economic growth quickened to 7.9 percent in the fourth quarter of 2012, ending a seven-quarter slowdown after the government cautiously eased its monetary policy and fast-tracked investment projects.
However, impacted by the faltering global economy and a cooling domestic property market, the world's second-largest economy grew only 7.8 percent in 2012.
National fiscal revenues rose 12.8 percent year on year to 11.7 trillion yuan (US$1.9 trillion), with the growth rate dropping 12.2 percentage points from a year earlier, the ministry said.
The ministry attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
Of the total fiscal revenues, tax revenues hit 10.1 trillion yuan, up 12.1 percent from a year earlier, but the growth rate fell 10.5 percentage points from the 2011 level.
Fiscal revenues in China include taxes, administrative fees and other government income, such as fines and income from state-owned assets.
Revenue from value-added taxes gained 8.9 percent to 2.6 trillion yuan, while that from business taxes added 15.1 percent to 1.6 trillion yuan.
Corporate income tax revenue rose 17.2 percent annually to 2 trillion yuan.
Individual income tax revenues dipped 3.9 percent to 582 billion yuan, affected by the government's move in September 2011 to raise the threshold at which individuals must pay income taxes from 2,000 yuan to 3,500 yuan.
The central government collected 5.6 trillion yuan in fiscal revenues in 2012, up an annual 9.4 percent, while local governments' fiscal revenues grew 16.2 percent to 6.1 trillion yuan.
On a quarterly basis, China's fiscal revenue growth rose to 19.9 percent in the fourth quarter of 2012 from 14.7 percent in the first quarter, 10 percent in the second and 8.1 percent in the third.
The fourth-quarter rebound was mainly caused by a low base in the same period of 2011, the ministry said.
China's economic growth quickened to 7.9 percent in the fourth quarter of 2012, ending a seven-quarter slowdown after the government cautiously eased its monetary policy and fast-tracked investment projects.
However, impacted by the faltering global economy and a cooling domestic property market, the world's second-largest economy grew only 7.8 percent in 2012.
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