In October last year, the national fiscal revenue was 532.895 billion yuan, down 0.3% from the same month of the previous year. Since then, the national fiscal revenue has been negative for the seventh consecutive month. In April this year, the national fiscal revenue was 589.175 billion yuan, down 13.6% year-on-year.
As for the major varieties that rose in May, the domestic consumption tax increased by 91.2% year-on-year. Due to the reform of refined oil tax and fee, the business tax increased by 14% year-on-year. In addition, personal income tax increased by 0.9% year-on-year, and non-tax revenue increased by 1.3 times.
The Ministry of Finance explained that the main reason for the decline in national fiscal revenue is firstly the slowdown in economic growth, the decline in corporate profits, and the reduction in fiscal revenue sources. Secondly, the implementation of a proactive fiscal policy, structural tax cuts, increased export tax rebates, and policy reductions are many. In addition, the PPI and CPI both fell, which correspondingly reduced the fiscal revenue at current prices.
In terms of comprehensive income and expenditure, the national fiscal revenue from January to May was 271.867 billion yuan, down 6.7% year-on-year. In the first five months, the national fiscal expenditure was 2,246.698 billion yuan, a year-on-year increase of 27.8%. In the first five months, a total fiscal surplus of 461.169 billion yuan was realized.
Yang Zhiyong, a researcher at the Institute of Finance and Trade Economics of the Chinese Academy of Social Sciences, said yesterday that reversing the decline is a positive performance. Combined with macro data such as the industrial added value just released by the Bureau of Statistics, the domestic economy has improved.
In general, fiscal expenditure will increase substantially in the second half of the year. Yang Zhiyong said yesterday that it would be very difficult to grow rapidly in the second half of the year according to the fiscal revenue budget target at the beginning of the year. However, he said that China's tax structure is mainly based on turnover tax, so if the economy has not improved, but the trading behavior increases, the fiscal revenue will also rise.
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