The national tax revenue this July was 532.325 billion RMB, 13.8% higher than the same period last year. However, the rate of increase is 19.3% lower than the same period last year; and 19.7% lower than in the first half of this year.
According to the Ministry of Finance, the reasons for the significant decline in tax rate this July is as follows: Firstly, China has carried out various macro-control policies to prevent the national economy from overheating and safeguard against inflation. As these policies become more effective, the rate of economic increase slows down.
Secondly, some tax policies have been adjusted, such as the carrying out of new business income tax, the reduced rate of the stock dealing stamp-tax, and higher standards for imposing personal income tax.
Finally, the one-off special element, which caused the rapid increase in tax revenue during the first half this year, no longer exists.
By People's Daily Online
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