Ministry of Finance: personal tax revenue decreased by 26.8%

On December 17, the Ministry of Finance released the financial revenue and expenditure in November 2019. Data shows that in the first 11 months of this year, the national general public budget revenue was 17896.7 billion yuan, an increase of 3.8% year on year. It is worth noting that the effect of tax reduction and fee reduction policy continues, with personal income tax down 26.8% year-on-year. Specifically, the central government's general public budget revenue is 8611.6 billion yuan, an increase of 4.8% year-on-year; the local general public budget revenue is 9285.1 billion yuan, an increase of 3% year-on-year. The national general public budget revenue includes tax revenue of 1496.99 billion yuan, an increase of 0.5% year-on-year, and non tax revenue of 2926.8 billion yuan, an increase of 25.4% year-on-year. As for the reasons for the substantial growth of non tax revenue, Shi Jianwen, director of the research center of Finance and tax law of China University of political science and law, said that this year's 2 trillion yuan unprecedented tax reduction and fee reduction have resulted in short fiscal revenue. On the one hand, the gap in fiscal revenue and expenditure needs to be made up by the government's issuance of bonds.

However, in order to control the debt risk, the scale of issuance of bonds should not be too large, so it is necessary to activate the government's stock interests to make up the gap It is the main source of non tax income. "According to the current official non tax revenue data, the non tax revenue related to enterprises and ordinary people still keeps declining. The increase of revenue mainly comes from the stock interests of the government itself. Therefore, the rapid growth of non tax revenue will not increase the burden of market entities." Shi said that in the context of the decline of local fiscal revenue, arbitrary charges still deserve high vigilance. It is understood that non tax income mainly includes government funds such as profits paid by state-owned enterprises and administrative fees. Li Keqiang, premier of the State Council, said at a previous press conference that this year specific financial institutions and central enterprises will be increased to turn in profits and enter the State Treasury to raise funds. The effect of tax reduction and fee reduction continues to show. From January to November, personal income tax revenue reached 950.2 billion yuan, down 26.8% year on year. Wang Jun, director of the State Administration of Taxation, previously introduced that the reform of individual income tax has reduced the tax of all working class taxpayers to varying degrees, and about 80 million of them have no need to pay individual income tax again.

"In the first three quarters, China cut taxes and fees by 1783.4 billion yuan, and is expected to exceed 2 trillion yuan for the whole year." Xin Guobin, Vice Minister of the Ministry of industry and information technology, pointed out. According to the survey data of the tax authorities, 92.2% of the taxpayers believe that the tax reduction has a positive impact on the production and operation activities of enterprises, which has boosted the confidence of market entities. At the same time, the domestic value-added tax was 5794.8 billion yuan, an increase of 2.3% year-on-year; the income of import goods value-added tax and consumption tax was 1468.6 billion yuan, a decrease of 8.7% year-on-year. From April 1 this year, the current 16% tax rate of manufacturing and other industries will be reduced to 13%, and the current 10% tax rate of transportation, construction and other industries will be reduced to 9%. Cai Zili, executive deputy director of the tax reduction Office of the State Administration of Taxation and director of the revenue planning and accounting department, said that under the complex and changing economic situation at home and abroad, the tax reduction and fee reduction policy has fully played the role of counter cyclical adjustment, more directly and effectively benefiting the vast number of taxpayers and payers, and stabilizing the economic development expectations. In addition, the stamp tax was 227.2 billion yuan, up 10% year on year. Among them, the stamp duty on securities trading was 115.8 billion yuan, up 21.7% year on year. Wang Jianhui, director of the Capital Securities Research Institute, told Beijing Business Daily that the stamp duty on securities trading was mainly affected by the trading activity of the stock market. "At present, however, there is a certain space for the reduction of stamp duty on securities transactions." Wang added. In terms of expenditure, in the first 11 months of this year, the national general public budget expenditure was 20646.3 billion yuan, up 7.7% year on year. Among them, the central general public budget expenditure at the same level was 3044.4 billion yuan, an increase of 8.3% year-on-year; the local general public budget expenditure was 17601.9 billion yuan, an increase of 7.6% year-on-year.