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...

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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
6

3 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 marijuana, and perhaps try to get an idea of ...
Source: San Francisco Business Times   Full article at: San Francisco Business Times
 

 
Update
5

3 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 tha ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
4

3 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 ...
Source: FT   Full article at: FT
 

 
Update
3

5 weeks ago

EXCLUSIVE: City finds more surplus money that could be used to operate streetcar

Oct 20 2014 12:27pm CDT | Source: Cincinnati Business Courier

The city of Cincinnati's surplus revenues extend not only to its general revenue fund but to the fund that provides money to operate the Metro bus system. Last week, the city reported that it received $14 million more in revenue than it had anticipated in its 2014 fiscal year, which ended on June 30. The city received $1.6 million more in income tax than it anticipated. The city's income tax is 2.1 percent, of which 0.3 percent goes to fund the ...
Source: Cincinnati Business Courier   Full article at: Cincinnati Business Courier
 

 
Update
2

7 weeks ago

Can a Tax Credit for Millennials Help Prevent Poverty?

Oct 7 2014 5:02am CDT | Source: BusinessWeek

Adults under 25 who don't have kids aren't eligible for the Earned Income Tax Credit. Generation Progress, a liberal grou ...
Source: BusinessWeek   Full article at: BusinessWeek
 

 

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<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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