An employee of Lin'an Rural Commercial Bank counts banknotes at the bank's branch in Xitianmu area in Hangzhou, capital of Zhejiang province, on Feb 25. (PHOTO BY HU JIANHUAN / FOR CHINA DAILY)
BEIJING – China's fiscal revenue registered a year-on-year increase of 12.8 percent in the first 11 months of the year, official data showed Friday.
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Tax revenue came in at 16.45 trillion yuan in the January-November period, up 14 percent year on year
The country's fiscal revenue amounted to 19.13 trillion yuan ($3 trillion) during the period, according to data from the Ministry of Finance.
Tax revenue came in at 16.45 trillion yuan in the January-November period, up 14 percent year-on-year.
Revenue from value-added tax, the largest source of fiscal revenue in the country, rose 13.4 percent from a year ago, while that of individual income tax amounted to 1.26 trillion yuan in the 11 months, an increase of 20.3 percent.
Stamp tax revenue jumped 35.4 percent year-on-year to 393.5 billion yuan. Specifically, stock-trading stamp tax revenue logged a yearly rise of 43.3 percent.
The central government and local governments collected 8.84 trillion yuan and 10.29 trillion yuan in fiscal revenue, respectively, rising 13.1 percent and 12.6 percent.
Friday's data also showed that China's fiscal expenditure went up 2.9 percent year-on-year to 21.39 trillion yuan.
Fiscal spending on education rose 5.1 percent from a year ago, while spending on science and technology grew 5.9 percent, and social security and employment 4.9 percent, said the ministry.