China's fiscal revenue up 34% in Aug.
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Xinhua, September 13, 2011
China's fiscal revenue increased 34.3 percent year-on-year to reach 754.64 billion yuan (117.91 billion U.S. dollars) in August, the Ministry of Finance said on Tuesday.
Ministry analysts said the August fiscal growth rate hit 34.4 percent, more than July's growth rate of 26.7 percent, due to a new oil tax levied on excess income from the sale of domestic crude oil.
Central-level government revenues increased 35.1 percent year-on-year to 403.68 billion yuan, while local-level revenues reached 350.95 billion with year-on-year growth of 33.4 percent.
Domestic value-added tax revenues increased by 18.1 percent year-on-year to 195.99 billion yuan, while individual income tax revenues rose 32.6 percent year-on-year to 48.35 billion yuan.
Customs revenues amounted to 23.23 billion yuan, a 31.8-percent year-on-year increase.
August financial expenditures added up to 807.70 billion yuan, growing year-on-year by 25.9 percent or 166.33 billion yuan, while that of January to August accumulated to 5,946.20 billion yuan.
Analysts said fiscal revenue growth is expected to slow down in the coming months, led by a cooling economy and the implementation of personal income tax reductions.
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