360° Coverage : China's personal income tax revenue slows sharply

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China's personal income tax revenue slows sharply
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China's personal income tax revenue slows sharply

Feb 11 2013, 5:08am CST | by

Beijing, Feb 11 (IANS) The Chinese government saw its fiscal revenue from personal income tax drop 3.9 percent year on year in 2012, sharply down from the 25.2-percent growth seen during the previous year, according to latest data from the ministry of finance.

Beijing, Feb 11 — The Chinese government saw its fiscal revenue from personal income tax drop 3.9 percent year on year in 2012, sharply down from the 25.2-percent growth seen during the previous year...

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1 year ago

China's personal income tax revenue slows sharply

Feb 11 2013, 5:08am CST | by

Beijing, Feb 11 (IANS) The Chinese government saw its fiscal revenue from personal income tax drop 3.9 percent year on year in 2012, sharply down from the 25.2-percent growth seen during the previous year, according to latest data from the ministry of finance.

Beijing, Feb 11 — The Chinese government saw its fiscal revenue from personal income tax drop 3.9 percent year on year in 2012, sharply down from the 25.2-percent growth seen during the previous year, according to latest data from the ministry of finance.

It showed that money collected from personal income tax last year totaled 582.02 billion yuan ($92.69 billion), accounting for 5.8 percent of total fiscal revenue, reported Xinhua.

The government's tax reduction measures, including hikes in exemption thresholds for personal income tax and adjustments in taxation rates, have affected the revenue, said an official from the ministry.

Price corrections in used homes also decreased the revenue from property transfer income tax last year, according to the ministry.

The data showed the tax revenue from wage-earners dropped 8 percent year on year, while that from individual business owners declined 12.5 percent. In contrast, combined revenue from income tax on interests, dividends and bonuses grew 14.7 percent.

The government raised the exemption threshold for the personal income tax to 3,500 yuan from 2,000 yuan starting September 2011, scrapping the tax for around 60 million people.

IANS

Source: IANS

 
Update
3

6 weeks ago

Awesome marijuana infographic breaks down the 21 friendliest states

Nov 4 2014 4:48pm CST | Source: San Francisco Business Times

Last year 19 states generated more business income tax revenue than Colorado. Just to give you an idea of the possible revenue those states could be generating if they followed Colorado and legalized marijuana. According to the most recent State of the Leaf report published today by Seattle-based Leafly, Colorado generated $7.74 million in tax revenue in August. Scroll down to see how your state stacks up in business of m ...
Source: San Francisco Business Times   Full article at: San Francisco Business Times
 

 
Update
2

7 weeks ago

Refuting Piketty And Saez; The Top Marginal Income Tax Rate Should Not Be 80%

Nov 1 2014 8:46am CDT | Source: Forbes Real Time

An interesting little piece in the Guardian from Emmanuel Saez and Thomas Piketty on what the top marginal income tax rate should be. They're arguing that it should be as high as 80%: and if all of their assumptions are actually true it could be ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
1

7 weeks ago

Cameron’s deficit claims mauled by IFS

Oct 30 2014 12:47pm CDT | Source: FT

UK statistics body asked to investigate David Cameron’s assertions on income tax ...
Source: FT   Full article at: FT
 

 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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