Apr. 16, 2012 (China Knowledge) - China's fiscal revenue rose 18.7% year on year to RMB 905.80 billion in March this year, according to the latest statistics released by the Ministry of Finance
In the first quarter, the country's fiscal revenue grew 14.7% year on year to RMB 2.80 trillion. The growth rate was lower than that in the same period of 2011, due to slowing domestic economy, easing inflation and tax reductions, said the ministry
The central government's fiscal revenue increased 12.1% from a year earlier to RMB 1.46 trillion during the three-month period, while local governments' fiscal revenues rose 10.3% to RMB 2.59 trillion, according to the statement.
The country's tax revenue increased 10.3% year on year to RMB 2.59 trillion in the first quarter, and its non-tax revenue surged 53.3% to RMB 411.8 billion.
Statistics showed that value-added tax, domestic goods and services tax and business tax was RMB 660.2 billion, RMB 239.2 billion and RMB 401.4 billion, up 5.4%, 15.1% and 7.6% year on year, respectively.
China's fiscal expenditure was RMB 2.41 trillion in the first three months, up 33.6% year on year. Fiscal expenditure by the central government rose 22.7% year on year to RMB 384.19 billion, and that by local governments surged 35.9% to RMB 2.03 trillion.