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According to a release by China's Ministry of Finance on July 15, China's total tax revenue in the first half year was 2.95 trillion yuan, down 6% from the first half of 2008. Tax revenue in June totaled 0.55 trillion yuan, up 12.2% year on year.
January-June tax revenue showed the following features. The lower tax revenue was mainly due to the large drop in the first quarter. The drop of tax revenue eased month after month, and June was the first month showing positive growth. The year on year reduction was -16.7% in January, but slowed to -3.2% in May. Consumption tax showed 63.1% of increase. A large portion of that came from the 392.9% jump of fuel consumption. In addition, the consumption tax of jewelry, tobacco, and liquor also increased 15.8%, 13.4%, and 6.2% respectively. Personal income tax still increased 0.7% in the first six months, but that pales with the 27.2% increase in the first half of 2008. Import tax, business income tax, and Customs tax all dropped by 14.9%, 13.*%, and 29.9%, indicating business was still sluggish on the production side. Land usage and real estate taxes increase 135% and 20.7%, caused by the rejuvenated housing sector. Trading transaction tax dropped 74.5%, consistent with lower stock prices and lower trading volume.  |
Government Release 
