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China's fiscal revenue growth slows to 10.6 pct in November

(Xinhua)

09:23, December 12, 2011

BEIJING, Dec. 11 (Xinhua) -- China's fiscal revenues rose 10.6 percent year-on-year in November, a slower growth from October as the economy downshifted, according to official data released Sunday.

The slowdown was caused by a moderation of the economic growth, higher exemption threshold for personal income taxes, declining car and property purchases and increasing export tax rebates, the Ministry of Finance said in a statement.

The pace of growth in November decelerated from 16.9 percent in October, 17.3 percent in September and 34.3 percent in August.

The revenues in November reached 645.73 billion yuan (101.85 billion U.S. dollars), with 558.21 billion yuan collected from taxes, up 2.7 percent year-on-year, said the ministry.

Value-added tax revenue climbed 2.9 percent year-on-year, a weaker growth than 7.6 percent in October and 17.5 percent in September.

Corporate income tax revenue slumped 20.6 percent year-on-year while personal income tax revenue dipped 8.2 percent, after the country raised the monthly exemption threshold for personal income taxes from 2,000 yuan to 3,500 yuan starting in September.

Revenue from property sales taxes dropped 6.5 percent year-on-year in November.

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