Rise in fiscal revenue cools as tax income cut
By Lu Nengneng |
October 19, 2011, Wednesday
|
Print Edition
Print Edition
THE growth in China's fiscal revenue cooled in September, partly due to tighter measures imposed on the real estate industry that slashed the government's tax income, the Ministry of Finance said yesterday.
Although China's fiscal revenue surged by an annual 17.3 percent to 737.7 billion yuan last month it was slower than the increases of 34.3 percent in August and 26.7 percent in July.
Tax income rose 18.7 percent to 641.2 billion yuan in September.
The increase in business tax income slowed by 8.3 percentage points to 16.5 percent compared with the first eight months this year, with construction and real estate being the biggest drag.
The construction business saw its tax growth fall 11.5 percentage points to 16.1 percent while the real estate industry posted an 8.6 percentage point drop in the rise in business tax to 12.3 percent as the government further tightened policies to cool the market.
As the government raised the personal income tax threshold from 2,000 yuan to 3,500 yuan from September 1 which exempted millions from paying taxes, the taxman collected less in receipts. They climbed 27.2 percent annually to 45 billion yuan in September compared with 32.6 percent gain in August.
The fiscal revenue rose 29.5 percent to 8.17 trillion yuan in the past three quarters.
Although China's fiscal revenue surged by an annual 17.3 percent to 737.7 billion yuan last month it was slower than the increases of 34.3 percent in August and 26.7 percent in July.
Tax income rose 18.7 percent to 641.2 billion yuan in September.
The increase in business tax income slowed by 8.3 percentage points to 16.5 percent compared with the first eight months this year, with construction and real estate being the biggest drag.
The construction business saw its tax growth fall 11.5 percentage points to 16.1 percent while the real estate industry posted an 8.6 percentage point drop in the rise in business tax to 12.3 percent as the government further tightened policies to cool the market.
As the government raised the personal income tax threshold from 2,000 yuan to 3,500 yuan from September 1 which exempted millions from paying taxes, the taxman collected less in receipts. They climbed 27.2 percent annually to 45 billion yuan in September compared with 32.6 percent gain in August.
The fiscal revenue rose 29.5 percent to 8.17 trillion yuan in the past three quarters.
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