Slower growth in tax receipts
By Winny Wang |
April 22, 2011, Friday
|
Print Edition
Print Edition
CHINA'S tax revenue grew at a slower pace in the first quarter of this year as business and consumption tax receipts expanded moderately, the Ministry of Finance said yesterday.
Tax revenue totaled 2.34 trillion yuan (US$359 billion) through March, up an annual 32.4 percent, the ministry said. A year earlier, the increase was 35.9 percent, it added.
The tax man collected an annual 26.3 percent rise in business tax at 373 billion yuan in the quarter, which accounted for 15.9 percent of total tax revenue. But the rise was 14.9 percentage points lower than the same period a year earlier.
"Tightening policies on the real estate industry led to the slower growth in business tax. Housing sales dropped 42.8 percent year on year in the first two months after the government began property tax trials in Shanghai and Chongqing and imposed home purchase restriction rules in Beijing," the ministry said.
The business tax on real estate companies, which accounts for a third of total business tax, grew 28.3 percent from a year earlier. But it was 89.7 percentage points lower than the growth a year earlier.
During the first three months, consumption tax revenue, accounting for 8.9 percent of the total, grew 21.5 percent from a year earlier to 207.9 billion yuan. But the rise was down 47.9 percentage points from a year ago.
The ministry attributed the slower hike in consumption tax to poor auto sales and the high base of 2010.
Consumption tax on autos grew by a much slower 6.8 percent in the three months, compared with a 109.9 percent increase a year earlier after the government suspended tax breaks on purchasing cars.
Meanwhile, import tariffs surged 47.5 percent to 71.15 billion yuan, down 1.4 percentage points from a year earlier.
Stamp duty grew 2.7 percent from a year earlier to 13.19 billion yuan, led by a 45.1 percent hike in March due to the recovery of the domestic stock market.
Individual income tax, accounting for 8.7 percent of the total, rose 37 percent to 203.8 billion yuan in the quarter. The rise was 15.7 percentage points higher than a year ago.
China is set to raise the monthly personal income tax threshold to 3,000 yuan and trim tax brackets.
Tax revenue totaled 2.34 trillion yuan (US$359 billion) through March, up an annual 32.4 percent, the ministry said. A year earlier, the increase was 35.9 percent, it added.
The tax man collected an annual 26.3 percent rise in business tax at 373 billion yuan in the quarter, which accounted for 15.9 percent of total tax revenue. But the rise was 14.9 percentage points lower than the same period a year earlier.
"Tightening policies on the real estate industry led to the slower growth in business tax. Housing sales dropped 42.8 percent year on year in the first two months after the government began property tax trials in Shanghai and Chongqing and imposed home purchase restriction rules in Beijing," the ministry said.
The business tax on real estate companies, which accounts for a third of total business tax, grew 28.3 percent from a year earlier. But it was 89.7 percentage points lower than the growth a year earlier.
During the first three months, consumption tax revenue, accounting for 8.9 percent of the total, grew 21.5 percent from a year earlier to 207.9 billion yuan. But the rise was down 47.9 percentage points from a year ago.
The ministry attributed the slower hike in consumption tax to poor auto sales and the high base of 2010.
Consumption tax on autos grew by a much slower 6.8 percent in the three months, compared with a 109.9 percent increase a year earlier after the government suspended tax breaks on purchasing cars.
Meanwhile, import tariffs surged 47.5 percent to 71.15 billion yuan, down 1.4 percentage points from a year earlier.
Stamp duty grew 2.7 percent from a year earlier to 13.19 billion yuan, led by a 45.1 percent hike in March due to the recovery of the domestic stock market.
Individual income tax, accounting for 8.7 percent of the total, rose 37 percent to 203.8 billion yuan in the quarter. The rise was 15.7 percentage points higher than a year ago.
China is set to raise the monthly personal income tax threshold to 3,000 yuan and trim tax brackets.
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