China sees tax revenue grow faster in Q3
Print Edition
The growth in individual income tax and property transaction tax has contributed to a faster rise in China’s tax revenue in the first three quarters of this year despite weak import tariffs, the Ministry of Finance said yesterday.
During the January-September period, the government collected tax revenue of 8.44 trillion yuan (US$1.38 trillion), up 9 percent from a year earlier. It was 0.4 percentage point faster than the rate seen in the same period of last year, the ministry said.
Individual income tax, accounting for 6 percent of the total tax revenue, rose 10.8 percent in the first nine months to 506.7 billion yuan from a year earlier. In the same period of last year, it fell 8.4 percent. The ministry attributed the increase to a lower base last year due to tax-cutting policies and a rise in disposable income of urban residents this year.
A robust property market helped business tax in the sector to jump 37.4 percent from last year, up 37.6 percentage points from the same period of last year.
The ministry also attributed the steady growth in overall tax revenue to improving economic strength. China’s economy has gradually emerged from a protracted slowdown this year, expanding 7.7 percent in the first nine months, in line with market expectations and above the government’s full-year target of 7.5 percent.
The overall business tax revenue grew 10.9 percent to 1.29 trillion yuan. But the increase was 1.2 percentage points lower than that in the first three quarters of last year as value-added tax replaced business tax in some service industries, including transport and leasing.
Consumption tax revenues also saw slower growth in the first nine months, gaining merely 3.8 percent year on year due to a sluggish tobacco and alcohol market, the ministry said.
With tariffs cut on 780 types of products and an appreciation of the yuan, import duties fell 10.8 percent, down from a 5.2 percent increase last year.
Fiscal revenue in China includes taxes, administrative fees and other government income, including fines and earnings from state-owned assets.
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