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Macro Economy: Fiscal revenue growth slows to 10.5% in 3Q

(Xinhua)
Updated: 2008-10-20 22:43

China's fiscal revenue jumped 10.5 percent year on year in the third quarter of 2008, much slower than the 33.3 percent growth rate for the first half of the year, the Ministry of Finance said on Monday.

The growth rate gradually slowed from July's 16.5 percent to 10.1 percent in August.

Related readings:  Fiscal revenue rises 30% in first 7 months  China's fiscal revenue tops $598b in first 7 months  Fiscal revenue up 29.4% in first four months  Fiscal revenue hits 5.13 trillion yuan in 2007

Revenue increased only 3.1 percent in September to 421.72 billion yuan ($61.74 billion) from a year ago, the ministry said.

The combined revenue in the first nine months totaled 4.89 trillion yuan, up 25.8 percent year on year. It was boosted by the business income tax as corporate profits improved in the first half of the year.

The stamp tax rate, which was lifted in May 2007, also contributed to the overall tax revenue rise, the ministry said on its website.

However, economic downturn and slumping corporate profits in the third quarter dragged down the fiscal revenue.

The recessive stock and property markets prompted the government to unveil policies which include a stamp tax rate cut to balance economic development, but that hurt tax revenue, the ministry said.

There was 2.70 trillion yuan collected by the central government, up 25.5 percent, while the local government collected 2.18 trillion yuan, an increase of 26.1 percent.

The domestic value-added tax revenue jumped 21.4 percent and the consumption tax revenue rose 17.4 percent.

The value-added and the consumption tax revenue on imported goods went up 32.9 percent while tariff revenue increased 36 percent. They were buoyed by rising imports and shrinking trade surplus, which was prompted by a stronger yuan, China's currency.

The export rebate rose 18.3 billion to 419.1 billion yuan after the government decided to refund exporters more.