China's tax revenue growth dips to 3-yr low

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SummaryRevenues from major tax items saw slower year-on-year gains.

Growth of China's tax revenues logged the slowest pace in three years in the first quarter of 2012, as the economy showed a downtrend, impacted by the global slow down.

Tax revenues rose 10.3 per cent year-on-year to 2.5858 trillion yuan (USD 410.4 billion) in the first quarter, China's Finance Ministry was quoted as saying by state run news agency Xinhua.

The growth rate marked the slowest pace in three years, pulling back 22.1 percentage points from the same period last year, it said.

Revenues from major tax items saw slower year-on-year gains. Receipts from value-added tax, consumption tax and turnover tax rose 5.4 per cent, 15.1 per cent and 7.6 per cent, respectively, down 17. 8 percentage points, 6.4 per centage points and 18.7 percentage points from a year earlier, the statement said.

Revenues from corporate income tax increased 20.5 per cent during the January-March period, while those from personal income tax dropped 6.2 per cent year-on-year, slumping 43.2 percentage points from same period last year.

The easing pace came as China's industrial value-added output and profits, key measures of industrial performances, both saw slower growth in the first two months as the country's economy cooled.

China's economy expanded 8.1 per cent year-on-year in the first quarter, marking the fifth consecutive quarter of slowing growth.

During the January-February period, the country's industrial value-added output shed 2.7 percentage points to grow 11.4 per cent, while industrial profits decreased 5.2 per cent year-on-year, down 39.5 percentage points on last year, it said.

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