Gov’t Rev Hits RMB 1.85t YTD as Income Tax Rev Climbs50%
China took RMB 1.85 trillion in revenues in January and February, up 36% y-o-y, with central government income reaching 952.6 billion, according to a Ministry of Finance announcement on March 14. VAT takings accounted for RMB 437.1 billion, up 26.1% y-o-y, while sales taxes contributed RMB 156.26 billion, up 23.3% y-o-y. Personal income tax generated 146.63 billion, 54.6% higher than last year. Import duties raised RMB 247 billion, up 58.2% y-o-y, while export tax rebates cost the government RMB 130.79 billion.
February government income totaled RMB 699.70 billion, up 41.5% y-o-y.