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21.9% jump in fiscal revenue last month

(Shanghai Daily)

09:16, December 12, 2012

CHINA'S fiscal revenue rose 21.9 percent year on year in November, the fastest growth in 15 months, the Ministry of Finance said yesterday.

Last month's total revenue came to 787.1 billion yuan (US$125.1 billion) and the rapid growth was mainly because of the low base a year earlier, the ministry said.

But on a monthly comparison, the fiscal income fell by 257.3 billion yuan from October's.

The value-added tax, the lion's share of the revenue, climbed 16.2 percent year on year to 220.5 billion yuan on a rebound in industrial output, the ministry said.

Corporate income tax paid by banks surged 50 percent, while that from manufacturers rose 8.9 percent.

The sales tax on real estate soared 58.7 percent to 12.3 billion yuan, mainly due to the increased trading volume of the property market in the past few months, the ministry said.

A slower growth in trade activities bit into import and export taxes, while stamp duties on stock trading slumped amid a sluggish market.

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