China’s fiscal revenue in March down 0.3 percentApril 13th, 2009 - 5:06 pm ICT by IANS
Beijing, April 13 (Xinhua) China’s fiscal revenue in March 2009 was 440.22 billion yuan ($64.43 billion), 0.3 percent less than the figure in March 2008, the ministry of finance said Monday.
First-quarter fiscal revenue fell 8.3 percent to 1.46 trillion yuan, the ministry said on its website, while tax revenue shrank 10.3 percent to 1.3 trillion yuan.
Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.
Business profits shrank as economic growth slowed, the ministry said, and tax cuts intended to spur the economy and the financial markets reduced government revenues. First-quarter business income tax revenue fell 16.7 percent.
To shore up the stock market, the government cut the share trading stamp tax from 0.3 percent to 0.1 percent last April and scrapped the stamp tax on stock purchases in September. And even though the benchmark Shanghai Composite Index is up more than 35 percent so far this year, the tax cuts on share transactions meant a decline of 86.2 percent in revenue from that category in the first quarter.
Customs tariff revenue fell 23.9 percent during the first quarter.
Central government fiscal revenue fell 17.7 percent in the first quarter to 721.3 billion yuan, while local government fiscal revenue rose 3 percent to 742.9 billion yuan.
First-quarter fiscal expenditures surged 34.8 percent to 1.28 trillion yuan, as both the central and local governments adopted a proactive fiscal stance to boost the economy and domestic demand.
China unveiled a 4-trillion-yuan stimulus package in November to be spent over in the next two years, with 1.18 trillion yuan from the central government.
- China's 2011 fiscal revenue hits $1.64 trillion - Jan 20, 2012
- China's fiscal revenue up - Mar 12, 2012
- Spanish economy back in recession - Apr 24, 2012
- `China's fiscal revenues to surpass budget this year' - Dec 01, 2011
- Chinese banks post record profits - Feb 19, 2012
- US budget deficit hits $98 bn - Nov 11, 2011
- Direct tax mop-up rises 6.77 percent in April-June - Jul 09, 2012
- Ford Q1 profit down 45 percent year on year - Apr 28, 2012
- China's tax revenue up in first three quarters - Oct 20, 2011
- US federal government has $69.6 bn deficit - Aug 11, 2012
- China unveils list of top 500 companies - Sep 04, 2011
- Italy's industrial production rose in November - Jan 13, 2012
- Wipro battles to grow in volatile market (Lead) - Jul 24, 2012
- Exxon Mobil's earnings fall - Apr 27, 2012
- Direct tax revenue up 18 percent to Rs.2,04,351 crore - Nov 04, 2010
Tags: administrative fees, business income tax, business profits, customs tariff, fiscal expenditures, fiscal stance, government income, government revenues, local governments, ministry of finance, quarter business, shanghai composite index, share trading, stamp tax, stimulus package, stock purchases, tariff revenue, trading stamp, xinhua, yuan