SHANGHAI :
China's Tax Revenue Rose 0.4% to USD2 Trillion in Jan.-Oct. on Payment Deferral
Liao Shumin
DATE:  Nov 20 2019
/ SOURCE:  yicai
China's Tax Revenue Rose 0.4% to USD2 Trillion in Jan.-Oct. on Payment Deferral China's Tax Revenue Rose 0.4% to USD2 Trillion in Jan.-Oct. on Payment Deferral

(Yicai Global) Nov. 20 -- China's revenue from taxation rose 0.4 percent in the first 10 months of this year from a year earlier due to a lower comparative base in the fourth quarter of 2018 after the authorities permitted tax payments to be deferred, enabling individuals and businesses to benefit from this year's cuts.

Government tax income was CNY14.15 trillion (USD2 trillion) in the period, according to data the Ministry of Finance released yesterday. Compared with the first nine months, growth in tax revenue was 0.8 point faster in the January to October.

But last month's haul fell 4 percent after factoring out the lower base point, extending a decline since May.

Revenue from personal income taxes fell 28.6 percent to CNY87.8 billion (USD12.5 billion). That from value-added tax edged up 3.2 percent to CNY5.43 trillion, while consumption tax jumped 18.7 percent to CNY1.21 trillion. Corporation tax rose 5.6 percent to CNY3.64 trillion and stamp duty on securities transactions surged 27.5 percent to CNY113.2 billion. 

China's overall fiscal revenue rose 3.8 percent to CNY16.77 trillion, while non-tax revenue gained 27.1 percent to CNY262 million. 

Editor: Emmi Laine

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Keywords:   tax income