China's Tax Revenue Up 2.2% in First 9 Months

China's tax revenue rose 2.2 percent to nearly 4.51 trillion yuan (660.5 billion US dollars) in the first nine months of this year, the Ministry of Finance said in a statement on its official website in early November.

The growth rate was 23.9 percentage points lower than that of the same period last year, but was 8.2 percentage points higher than that of the first half of this year.

The tax revenue in September rose 30.1 percent from a year earlier, the fourth consecutive month in which the country's tax revenue has registered positive growth.

However, revenues from the country's main taxation items continued to decline, the ministry said.

In the first nine months, revenues from value-added taxation declined 2.4 percent from a year earlier to 1.36 trillion yuan (199.2 billion US dollars).

The ministry attributed the decline to two factors: valued-added tax reform schemes launched earlier in the year to spur the country's economy and a drop in the added value of industrial sector and producers' prices for manufactured goods.

During the same period, revenues from corporate income taxation dropped 0.4 percent from a year earlier to 987.5 billion yuan (144.6 billion US dollars). The ministry put this minor drop down to a widespread decline in corporate profits.

In addition, revenues from custom duties in the third quarter registered a year-on-year drop of 26.7 percent.

In contrast, the country's revenues resulting from excise tax, sales tax, individual income tax and taxes related to real estate maintained robust growth in the first three quarters.

During the first nine months, the country's excise tax revenue registered a year-on-year increase of 79.1 percent to 355 billion yuan (51.9 billion US dollars).

During the same period, sales tax revenue was up 13.1 percent to 662.2 billion yuan (96.9 billion US dollars) and that for individual income tax rose 4.1 percent to 305.8 billion yuan (44.59 billion US dollars) from a year earlier.

In the first nine months, revenue raised via property tax and other land-related taxes rose 19.6 percent and 36.34 percent to 59 billion yuan (8.64 billion US dollars) and 163.9 billion yuan (18.9 billion US dollars) respectively.



Links and Sources
Ministry of Finance: Statement (Chinese)
Sohu: Graph (Chinese)