Personal Income Tax Revenues See YoY Growth of 21.1% for Jan-Aug, Exceed 1tn Yuan

Data from the Ministry of Finance points to robust growth in China’s personal income tax revenues for the first eight months of 2018.

According to MOF general public budget revenues for the January  – August period saw 9.4% YoY growth to reach 13.2868 trillion yuan.

Central government standard public budget revenues were 6.3663 trillion yuan, for YoY growth of 10.7%, while local government standard public budget revenues were 6.9205 trillion yuan, for YoY growth of 9.3%.

Nationwide standard public budget tax revenues for the period were 11.7217 trillion yuan, for YoY growth of 13.4%, while non-tax revenues were 1.5651,for a YoY decline of 13.1%.

Domestic value added tax and domestic consumption tax revenues saw 13.6% and 16.4% YoY growth respectively, to reach 4.2892 trillion yuan and 878.4 billion yuan.

Enterprise income tax revenues saw 12.9% YoY growth to reach 2.9963 trillion yuan, while personal income tax revenues saw 21.1% YoY growth to breach the trillion yuan threshold, hitting 1.0319 trillion yuan in total.

Import good value-added tax and consumption tax saw a YoY rise of 11.8% to reach 1.1599 trillion yuan, while customs duties were 196.2 billion yuan, for a decline of 0.4% compared to the same period last year.

National standard public budget expenditures for the January-August period were 14.0673 trillion yuan, for a YoY rise of 6.9%, accounting for 67% of the start-of-year budget.

Central government standard public budget expenditures were 2.0425 trillion yuan, for a YoY rise of 8.6%, while local government standard public budget expenditures were 12.0248 trillion yuan, for YoY growth of 6.6%.

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