According to the financial revenue and expenditure data released by the Ministry of Finance recently, from January to July this year, the national general public budget revenue was 13,933.4 billion yuan, up 11.5% year-on-year. Among them, the tax revenue was 11,753.1 billion yuan, a year-on-year increase of 14.5%; Non-tax revenue was 2,180.3 billion yuan, a year-on-year decrease of 2.3%. In terms of central and local governments, the central general public budget revenue was 6,384.9 billion yuan, up 11.2% year-on-year; The local general public budget revenue at this level was 7,548.5 billion yuan, up 11.8% year-on-year.
The relevant person in charge of the Ministry of Finance said that the growth of fiscal revenue, in addition to the sustained economic recovery and overall recovery, was mainly due to the implementation of a large-scale value-added tax rebate policy in April last year, with more centralized tax rebates and a lower base. Affected by this, tax revenue, especially domestic value-added tax, has increased substantially, which has correspondingly increased the growth rate of fiscal revenue.
It is expected that the monthly fiscal revenue growth will fall back.
Judging from the main tax revenue items, domestic value-added tax increased by 84.2% year-on-year from January to July this year due to more tax rebates and lower base in the same period last year. In addition, the downturn in corporate earnings growth has expanded the decline in corporate income tax, which is the main factor dragging down tax growth. From January to July, the enterprise income tax was 3,245.3 billion yuan, a year-on-year decrease of 7.4%; The effect of the special additional deduction policy continued to be released, and the tax rebate for the final settlement of personal income tax was more than the same period of last year, which lowered the growth rate and the personal income tax decreased by 0.6% year-on-year.
Judging from the monthly data, the growth rate of fiscal revenue has slowed down. Wen Bin, chief economist of Minsheng Bank, said that in July this year, the national general public budget revenue increased by 1.9% year-on-year, and the growth rate dropped by 3.7 percentage points compared with the previous month, which was mainly related to the base increase caused by the gradual return to normal of large-scale tax rebates in the same period last year. Excluding cardinal utility, where the tax refund was retained, the year-on-year decrease was 4.8%, which was 5.4 percentage points narrower than that of the previous month, indicating that the foundation of economic recovery still needs to be further stabilized.
Xue Yugan, deputy director of the Treasury Payment Center of the Ministry of Finance, said earlier that from the perspective of income trends in the later period, the overall recovery of China's economic operation will provide important support for fiscal revenue growth. However, with the tax refund gradually returning to normal in the second half of last year, the incomparable factors of less tax refund in the second half of this year will gradually fade away, and the monthly fiscal revenue growth will fall back, which will generally adapt to the growth of economic tax sources.
