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China's Jan-Nov fiscal revenue reached $1.54 trillion

(Global Times)

14:05, December 13, 2011

China's fiscal revenue from January to November of this year went up 26.8 percent year-on-year to 9.73 trillion yuan ($1.54 trillion) while its fiscal expenditure increased from 24.3 percent to 8.9 trillion yuan, the Ministry of Finance said in a statement on Sunday.

Revenue in November reached 645.73 billion yuan, up 10.6 from the same period last year with 558.21 billion yuan collected from taxes, up 2.7 percent year-on-year, according to the ministry. The growth pace in November decelerated to 6.3 percentage points in October.

The ministry attributed the slowdown to the moderation of economic growth, higher exemption threshold for personal income taxes, declining car and property purchases, and increasing export tax rebates.

The value-added tax revenue climbed to 2.9 percent year-on-year in November, which was weaker than the figure from October. Revenue from property sales taxes dropped 6.5 percent year-on-year in November.

Personal income tax revenue in November 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.

The ministry also said China's fiscal expenditure increased 7.5 percent year-on-year to 1.14 trillion yuan in November.

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