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China's August fiscal revenues rise 4.2% (2)


08:39, September 12, 2012

Tax revenues nationwide rose 8.9 percent year on year to 7.06 trillion yuan in the first eight months, accounting for 85.78 percent of the nation's total fiscal revenues.

In August, revenues from value-added taxes, which make up a major part of total tax revenues, dropped 8.5 percent year on year to 179.3 billion yuan.

The statement attributed the decline to a slowdown in industrial growth, increasing moderation of factory prices and China's structural tax cuts.

Business tax revenues saw an increase of 15.2 percent to 108.2 billion yuan last month, as business tax from the financial sector jumped 38.5 percent and that of the property sector rose 21 percent on rising sales.

Corporate income taxes surged 47.2 percent year on year to 72.9 billion yuan last month, according to the statement.

The ministry said revenues from land sales slid 26.1 percent year on year to 1.56 trillion yuan during the January-August period.

The country's fiscal expenditures totaled 7.24 trillion yuan in the first eight months, up 21.8 percent from a year earlier.

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