`China’s fiscal revenues to surpass budget this year’
December 1st, 2011 - 3:56 pm ICT by IANSBeijing, Dec 1 (IANS) China’s total fiscal revenues this year will exceed the annual budget of 9.122 trillion yuan ($1.44 trillion) due to an increased tax intake, said a minister.
Both the central and local governments will see their fiscal revenues exceed the budgets as a result of increasing intake from import taxes, corporate income taxes, value-added taxes and consumption taxes, said Vice Finance Minister Liao Xiaojun in a video conference Wednesday.
Imports, industrial profits, industrial added value and consumer prices have reported faster-than-expected growth this year, said Liao.
China had budgeted 9.122 trillion yuan of fiscal revenues and 10.022 trillion yuan of fiscal expenditure for 2011, said Xinhua.
In the first 10 months, fiscal revenues surged 28.1 percent year-on-year to 9.09 trillion yuan, while fiscal expenditure grew 27.2 percent to 7.76 trillion yuan, official data shows.
Liao said faster revenue growth does not necessarily bring a rush of spending in November and December, noting that the country had already accelerated fiscal spending in the first 10 months of this year.
In the January-October period, fiscal expenditure accounted for 77.4 percent of the annual spending budget, 5.2 percentage points higher than the same period of last year, said Liao.
- China's fiscal revenue up - Mar 12, 2012
- China's 2011 fiscal revenue hits $1.64 trillion - Jan 20, 2012
- Pakistan finalises Rs.3.8 trillion budget - May 27, 2011
- China's IT industry sees revenue growth - Apr 09, 2012
- US federal government has $69.6 bn deficit - Aug 11, 2012
- US budget deficit hits $98 bn - Nov 11, 2011
- China's tax revenue up in first three quarters - Oct 20, 2011
- Profits of China's major companies slide (Lead) - Jun 29, 2012
- Sources and application of federal budget money - Feb 28, 2011
- Government says fiscal deficit target may be breached - Dec 09, 2011
- Fiscal deficit management need of the hour: Pranab - Jan 14, 2012
- China unveils list of top 500 companies - Sep 04, 2011
- China's power consumption growth slows in October - Nov 15, 2011
- Pak defence budget to be raised by 31 percent in 2010-11 - May 22, 2010
- China's industrial profit up 7.8 percent in first 11 months - Dec 28, 2009
Tags: 10 months, beijing, budget, budgets, china, consumption, corporate income taxes, finance minister, fiscal expenditure, import taxes, liao, local governments, percentage points, profits, rush, trillion, value added taxes, video conference, xinhua, yuan