China's Tax Revenues Rise 22.6% in 2011
[2012-02-16 09:47:54]
The consumer price index, a main gauge of inflation, despite easing to a 15-month low of 4.1 percent in December, still grew 5.4 percent year-on-year in 2011 -- well above the government's full-year control target of 4 percent.
The government also initiated a series of other policies to reduce tax burdens last year. These policies included cutting tariffs on imports of energy resources and raw materials and raising the thresholds on value-added tax and turnover tax.
Revenues from valued-added tax and consumption tax on imported goods rose 29.3 percent year-on-year to 1.36 trillion yuan in 2011, down 6.4 percentage points from a year earlier.
Furthermore, both auto and property sales slowed amid government tightening measures, abating revenues from the property transfer tax and the vehicle purchase tax.
Property transfer tax revenue increased 12.1 percent from a year earlier to 276.36 billion yuan in 2011, down from 42.1 percent the previous year.
The income from vehicle purchase tax grew 14.1 percent year-on-year to 204.45 billion yuan last year, dropping 39.9 percentage points from a year earlier.
NBS data showed that sales of commercial housing rose 4.9 percent to 1.1 billion square meters in 2011, down from 10.6 percent in 2010, while auto sales only rose 2.45 percent year-on-year last year, the slowest growth pace in 13 years.
The government also initiated a series of other policies to reduce tax burdens last year. These policies included cutting tariffs on imports of energy resources and raw materials and raising the thresholds on value-added tax and turnover tax.
Revenues from valued-added tax and consumption tax on imported goods rose 29.3 percent year-on-year to 1.36 trillion yuan in 2011, down 6.4 percentage points from a year earlier.
Furthermore, both auto and property sales slowed amid government tightening measures, abating revenues from the property transfer tax and the vehicle purchase tax.
Property transfer tax revenue increased 12.1 percent from a year earlier to 276.36 billion yuan in 2011, down from 42.1 percent the previous year.
The income from vehicle purchase tax grew 14.1 percent year-on-year to 204.45 billion yuan last year, dropping 39.9 percentage points from a year earlier.
NBS data showed that sales of commercial housing rose 4.9 percent to 1.1 billion square meters in 2011, down from 10.6 percent in 2010, while auto sales only rose 2.45 percent year-on-year last year, the slowest growth pace in 13 years.
Source: China Daily
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