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Fiscal revenues post strong growth in Nov

By  Wang Xinyuan (Global Times)

09:16, December 12, 2012

China saw its fiscal revenues surge in November by over 20 percent year-on-year, official data showed Tuesday, as a result of double-digit growth of tax and non-tax revenues and despite the tough business environment.

The fiscal revenues reached 787.1 billion yuan ($126.31 billion) in November, up 21.9 percent year-on-year, the Ministry of Finance (MOF) said in a statement on its website Tuesday.

The majority came from tax revenues, which grew by 21.1 percent in November from a year ago. Non-tax revenues increased 27 percent year-on-year.

There was strong growth in business tax from the property sector, corporate income tax and non-tax revenues, but the sharp rise in fiscal revenue was also due to the comparatively low level in November 2011, according to the MOF.

Tax growth is not necessarily lower even amid a faltering economy, as China's taxation is driven by government spending, said Zhang Guangtong, vice president of the School of Taxation at the Central University of Finance and Economics.

Local governments are under pressure to meet their budget targets, and if tax revenue declines, various other fees and fines will be collected instead, he told the Global Times.

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