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Fiscal revenue grows at slower pace
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CHINA'S fiscal revenue growth slowed in the first two months this year as reduced economic growth dampened tax income and other sources of government revenue.
Fiscal revenue rose 3.2 percent to 2.57 trillion yuan (US$411 million) in the first two months, down from 11.1 percent in the same period a year ago and 2014’s 8.6 percent rise, the Ministry of Finance said on its website yesterday.
Personal income tax dropped 7.1 percent year on year to 164.6 billion yuan.
Value-added tax income was up 2.2 percent to 535.7 billion yuan, compared to an 8.9 percent gain in the same period a year ago.
Revenue from tariffs declined 5.3 percent after oil, iron ore and commodity prices declined, reducing the value of imports.
Government revenue from land sales dropped 36.2 percent to 455.3 billion yuan due to the sluggish housing sector.
Fiscal expenditure rose 10.5 percent to 1.89 trillion yuan, up from 6 percent last year.
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