July fiscal revenue up 12.5% on spike in property taxes
Print Edition
CHINA’S fiscal revenue continued to grow at a double-digit rate in July on higher income from property companies and a surge in stamp duty from stock market trades, the Ministry of Finance said yesterday.
Revenue climbed 12.5 percent year on year to 1.4 trillion yuan (US$219 billion) in the month, slowing from 13.9 percent in June, but faster than the 5 percent gain in May.
The total comprised 705.9 billion yuan in central government revenue, up 11.4 percent year on year, and 719 billion yuan from local governments, up 13.6 percent.
In a sign that the real estate market is warming up, business tax and corporate income tax paid by property firms in July rose 12.7 percent and 13.7 percent, respectively, the ministry said, without providing absolute figures.
Income from stamp duty on stock trades soared to 30 billion yuan in July, from 4.6 billion yuan in the same month of last year as millions of retail investors sought to get rich quick as the market soared, at least briefly, to dizzy heights.
Following an increase in tax rates on petroleum products and cigarettes, excise tax revenue rose 23 percent year on year in July to 8.46 billion yuan, the ministry said.
In contrast, a slump in foreign trade meant that revenue generated from value-added and consumption tax on imported goods fell 15.6 percent year on year to 113.1 billion yuan, while import duties dropped 15.9 percent to 22.7 billion yuan.
Fiscal spending in July rose 24 percent year on year to 1.3 trillion yuan, the ministry said.
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