CHINA S fiscal revenue rose 36 percent year on year to 1.85 trillion yuan (US$281.53 billion) in the first two months of 2011, mainly due to higher tax revenue from imports, the Ministry of Finance said yesterday.
The relatively high growth of fiscal revenue, excluding higher taxes resulting from economic expansion and price rises, was mainly driven by rapid growth in imports and the collection of related taxes at the end of 2010, the ministry said in a statement published on its Web site.
The statement said a significant portion of import taxes levied towards the end of last year were only accounted for in early 2011.
Fiscal revenue surged 32.8 percent year on year to 1.15 trillion yuan in January and rose 41.5 percent year on year to 699.7 billion yuan in February, the ministry said.
Revenue from taxes on imported goods jumped 81.2 percent year on year in January and rose 29.5 percent in February, according to the statement.
Personal income tax receipts grew 54.6 percent to 146.6 billion yuan, while those for corporate income tax were up 36.3 percent at 271.6 billion yuan in the first two months, the ministry said.
The growth of fiscal revenue will decelerate due to ongoing tightening measures aimed at the real estate market and the absence of special factors that contributed to higher growth in the first two months, the ministry said.
China s seasonally adjusted imports rose 44.6 percent year on year in January and were up 26.6 percent in February.(SD-Agencies)
