Tax collections exceed budget in 2011
By Feng Jianmin |
July 12, 2012, Thursday
|
Print Edition
Print Edition
THE central government's receipts from personal income tax exceeded its budget last year due to a surprisingly rapid rise in salaries while stamp duty fell below expectations because of a weak stock market, the Ministry of Finance said in a statement yesterday.
The central government collected 363.3 billion yuan (US$57.5 billion) in personal income tax, 16.4 percent more than the budget. In 2010, the figure totalled 290.3 billion yuan.
The ministry attributed the increased receipts pointed to a "higher-than-expected growth in disposable income of urban residents."
The statement, however, excludes tax income received by local governments.
Across the country the total personal income tax collected was 605.4 billion yuan last year, up 25.2 percent over 2010's receipts, according to national data released in January.
But the central government's revenue from stamp duty was 42.5 billion yuan, or 77.3 percent of the budget, the ministry said. It cited the shortfall to a lower-than- expected transactions in the stock market.
The central bank released data in January showing annual trading of yuan shares on the Shanghai Stock Exchange fell 21.9 percent last year from 2010, and the Shanghai Composite Index tumbled 21.7 percent in 2011.
The central government collected 363.3 billion yuan (US$57.5 billion) in personal income tax, 16.4 percent more than the budget. In 2010, the figure totalled 290.3 billion yuan.
The ministry attributed the increased receipts pointed to a "higher-than-expected growth in disposable income of urban residents."
The statement, however, excludes tax income received by local governments.
Across the country the total personal income tax collected was 605.4 billion yuan last year, up 25.2 percent over 2010's receipts, according to national data released in January.
But the central government's revenue from stamp duty was 42.5 billion yuan, or 77.3 percent of the budget, the ministry said. It cited the shortfall to a lower-than- expected transactions in the stock market.
The central bank released data in January showing annual trading of yuan shares on the Shanghai Stock Exchange fell 21.9 percent last year from 2010, and the Shanghai Composite Index tumbled 21.7 percent in 2011.
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