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Windfall levy boosts fiscal revenue growth
By Wang Yanlin |
September 13, 2011, Tuesday
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CHINA'S fiscal revenue expanded 34.3 percent from a year earlier to 754.6 billion yuan (US$117.9 billion) in August, the Ministry of Finance said today.
The growth strengthened from July's 26.7 percent and June's 27.6 percent, largely due to windfall income from a special oil gains levy between April and June, which amounted to 52.9 billion yuan.
"If we exclude the one-time special oil gain levy, the growth would slow to around 25 percent, showing a consistent trend of easing," the ministry said. "With the personal income tax threshold rising this month, it is likely to see a further moderation in revue."
From September 1, the personal income tax threshold will be revised to 3,500 yuan from 2,000 yuan, exempting millions of people from having to pay tax.
The fiscal spending in August increased 25.9 percent from a year earlier to 807.6 billion yuan, the ministry said.
The growth strengthened from July's 26.7 percent and June's 27.6 percent, largely due to windfall income from a special oil gains levy between April and June, which amounted to 52.9 billion yuan.
"If we exclude the one-time special oil gain levy, the growth would slow to around 25 percent, showing a consistent trend of easing," the ministry said. "With the personal income tax threshold rising this month, it is likely to see a further moderation in revue."
From September 1, the personal income tax threshold will be revised to 3,500 yuan from 2,000 yuan, exempting millions of people from having to pay tax.
The fiscal spending in August increased 25.9 percent from a year earlier to 807.6 billion yuan, the ministry said.
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