China's fiscal revenue down in January-April

0 Comment(s)Print E-mail Xinhua, May 18, 2022
Adjust font size:
A worker is busy at the workshop of an auto parts manufacturing company in the Langfang Economic and Technological Development Zone of Langfang City, north China's Hebei Province, Dec. 25, 2021. [Photo/Xinhua]

China's fiscal revenue dropped 4.8 percent year on year in the first four months of this year, new data showed.

The country's fiscal revenue amounted to about 7.43 trillion yuan (about 1.1 trillion U.S. dollars) during the period, according to the Ministry of Finance.

Excluding the impact of value-added tax (VAT) credit refunds, the fiscal revenue, however, grew 5 percent from a year earlier.

The central government and local governments collected 3.46 trillion yuan and 3.97 trillion yuan in fiscal revenue, down 5.7 percent and 3.9 percent, respectively.

Tax revenue came in at 6.23 trillion yuan in the January-April period, down 7.6 percent year on year.

Fiscal spending rose 5.9 percent year on year to 8.09 trillion yuan in the first four months.

China started to issue VAT credit refunds on a large scale in April. The total value of such refunds reached about 800 billion yuan last month.

In 2022, tax refunds and cuts are expected to be about 2.5 trillion yuan, of which VAT credit refunds will account for some 1.5 trillion yuan and will all go straight to enterprises, according to the country's government work report.

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from