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Fiscal revenue growth slows to 10.5% in 3Q

(Xinhua)
Updated: 2008-10-20 22:43

BEIJING - China's fiscal revenue jumped 10.5 percent year on year in the third quarter of 2008, much slower than the 33.3 percent growth rate for the first half of the year, the Ministry of Finance said on Monday.

The growth rate gradually slowed from July's 16.5 percent to 10.1 percent in August.

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Revenue increased only 3.1 percent in September to 421.72 billion yuan (US$61.74 billion) from a year ago, the ministry said.

The combined revenue in the first nine months totaled 4.89 trillion yuan, up 25.8 percent year on year. It was boosted by the business income tax as corporate profits improved in the first half of the year.

The stamp tax rate, which was lifted in May 2007, also contributed to the overall tax revenue rise, the ministry said on its website.

However, economic downturn and slumping corporate profits in the third quarter dragged down the fiscal revenue.

The recessive stock and property markets prompted the government to unveil policies which include a stamp tax rate cut to balance economic development, but that hurt tax revenue, the ministry said.