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China Jan-Nov tax revenue at 5.2 trillion yuan

(Agencies)
Updated: 2008-12-29 19:04

China's tax revenue in the first 11 months of the year rose 20.2 percent year-on-year to 5.2 trillion yuan ($759 billion), the Ministry of Finance said.

In a statement published on its website, the ministry said the growth rate was 14.4 percentage points lower than the year-earlier level, mainly due to a slowdown in the economy.

Related readings:  Experts: income tax cut unlikely to boost consumption  Tax cuts mulled to heal property woes  Tax cuts for businesses in pipeline  China reduces tax burden on firms

Growth rates of value-added tax and enterprise income tax eased, while growth of other tax revenue declined sharply or turned negative.

In the first 11 months, value-added tax revenue was up 18.2 percent at 1.674 trillion yuan, 3.2 percentage points lower than the year-earlier growth rate.

Consumption tax revenue rose 16.3 percent year-on-year to 238.25 billion yuan, while business tax revenue rose 16.6 percent to 703.35 billion yuan, 13.1 percentage points lower than a year earlier.

Corporate income tax was up 26.7 percent year-on-year at 1.162 trillion yuan, 12.5 percentage points lower than a year earlier, while individual income tax rose 18.5 percent to 345.06 billion yuan, down 11.6 percentage points.

Tariff revenue rose 28.7 percent from a year earlier to 169.68 billion yuan, while stamp tax revenue fell 48.1 percent to 96.49 billion yuan mainly due to a reduced tax rate and weak transaction volume, the ministry noted.

The ministry said that tax revenue in November fell 11 percent from a year earlier, following the negative growth in tax revenue in October. It did not give absolute data.

Value-added tax revenue fell 2.3 percent year-on-year, the first decline in years, while consumption tax revenue rose 10.9 percent to 18.09 billion yuan, and business tax booked a growth rate of 2.3 percent in November, 21.1 percentage points lower than a year earlier.

In November, corporate income tax fell 7.2 percent year-on-year to 18.82 billion yuan, well off the growth rate of 561.3 percent a year earlier.

Tariff revenue last month fell 18.5 percent year-on-year to 2.597 billion yuan, while stamp tax revenue was down 91.5 percent to 1.572 billion yuan.

Daily transaction volume on the stock market in November averaged 50 billion yuan, down over 80 percent from a year earlier, it added.