Via China Daily

The Chinese government’s fiscal revenue increased by 3.8 percent in the first 11 months, slower than 6.5 percent in the same period last year, mainly due to the reduction of taxes and fees, according to the Ministry of Finance on Tuesday.

The fiscal spending, in the meantime, rose by 7.7 percent year-on-year by the end of November, up from 6.8 percent a year earlier, the ministry reported.

Individual income tax has dropped 26.8 percent, because of the tax reform which lifted up the starting point of taxation and adjusted the tax rates. The value-added tax of imported goods and consumption tax fell by 8.7 percent, according to the official data.

The ministry said from January to November, the country’s total tax income was 14.97 trillion yuan ($2.14 trillion), and the tax income declined by about 3 percent in average in October and November.

Some officials from the ministry said earlier that the total tax and fee reduction may exceed 2.3 trillion yuan this year, higher than the target of 2 trillion yuan set in March.


READ ALSO  SE: Wheat prices surge on dry weather