On January 23, the Ministry of Finance held a press conference on the 2018 fiscal revenue and expenditure situation. The data shows that in 2018, the national general public budget revenue exceeded 18 trillion yuan, an increase of 6.2% year-on-year, exceeding the budget target of the beginning of the year by over 17.5 billion yuan. In the case of large-scale implementation of tax reduction and fee reduction in 2018, what effect does tax reduction and reduction have on fiscal revenue, and what are the characteristics of fiscal revenue in 2018? Li Dawei, deputy inspector of the Treasury Department of the Ministry of Finance, responded to the above-mentioned questions of the Economic Daily reporter that the national fiscal revenue can meet the budget target at the beginning of the year, mainly because the overall economic operation is stable, stable and progressable, the quality of development and efficiency are improved, and the fiscal revenue has been laid. Tax source basis.
Li Dawei said that in 2018, the operation of fiscal revenue mainly has the following characteristics:
First, the national fiscal revenue operation is in line with expectations, and the budget target for the beginning of the year is completed. In 2018, the national general public budget revenue exceeded 18 trillion yuan, a year-on-year increase of 6.2%, 0.1 percentage points higher than the budget target (6.1%) at the beginning of the year, and exceeded RMB 17.5 billion. Among them, central revenue increased by 5.3% year-on-year, 0.1 percentage points higher than the budget target (5.2%) at the beginning of the year; local revenue increased by 7% year-on-year, which was the same as the budget target at the beginning of the year (7%). In 2018, under the circumstance of vigorously implementing tax reduction and fee reduction, the national fiscal revenue can complete the budget target at the beginning of the year, mainly because the overall economic operation is stable, stable, and advanced, and the quality of development and efficiency are improved, laying a tax source for fiscal revenue. Reflected in the tax category, the domestic value-added tax, corporate income tax and personal income tax increased by 9.1%, 10% and 15.9% respectively, which increased the national fiscal revenue by 3, 1.9 and 1.1 percentage points respectively. The contribution rate reached 95.8%. In addition, the annual PPI rose by 3.5% year-on-year, which also led to the growth of fiscal revenue at current prices.
Second, the tax reduction and fee reduction policy was effectively implemented, and the relevant income growth rate slowed down significantly after the implementation of the policy. In 2018, China vigorously implemented the tax reduction and fee reduction policies, including reducing the value-added tax rate for goods such as manufacturing, transportation, construction, and agricultural products, refunding the tax at the end of some enterprises, and expanding the scope of small and micro enterprises that enjoy preferential tax policies. The introduction of new tax policies to support research and development and innovation, the implementation of personal income tax reform, further reductions, etc., effectively reduce the cost of corporate taxes and fees and the personal burden of residents. Affected by the tax reduction and fee reduction policies, the national tax revenue growth rate dropped by 2.4 percentage points from the previous year, and the national non-tax revenue decreased by 4.7%. According to tax classification, domestic value-added tax increased by 20.1% and 13% in the first and second quarters respectively, and fell to 2.2% and 0.5% in the third and fourth quarters. The tariff increased by 6.3% in the first quarter and decreased by 6.4% in the second, third and fourth quarters respectively. 2.1%, 17%; personal income tax increased by 20.7%, 19.9%, 23% in the first, second and third quarters respectively, and decreased by 2.7% in the fourth quarter. Non-tax revenues were down year-on-year in the first three quarters, and began to decline from the fourth quarter, mainly driven by factors such as the increase in profit income from some central enterprises and financial institutions.
Third, the tax growth rate of industrial manufacturing industry slowed down year-on-year, and the tax revenue growth of the service industry increased slightly year-on-year. In 2018, among the national tax revenues, the tax revenue of the secondary industry increased by 7.4% year-on-year, and the growth rate slowed down by 4.7 percentage points over the previous year. Among them, the industrial tax and manufacturing tax revenue increased by 6.3% and 5.7% respectively. Slowed down by 9.6 and 9.7 percentage points. The tax revenue of the tertiary industry increased by 10.5% year-on-year, and the growth rate was 0.6 percentage points higher than that of the previous year. By industry: First, the oil and natural gas mining industry, non-metallic mineral products industry, ferrous metal smelting and rolling processing industry revenue increased by 44.2%, 36.1%, 48.7%, respectively, mainly due to higher prices of crude oil, metallurgical and other related industrial products, etc. Second, the real estate industry and construction industry tax revenue increased by 17.3% and 16.4% respectively, mainly due to the active investment in real estate investment transactions in some areas in the previous period; the third is wholesale and retail, transportation, information transmission software and information technology services. The taxation of industry, culture, sports and entertainment industry increased by 12%, 15.4%, 10.9%, and 15.9% respectively, mainly due to the increase in household consumption and other related industries. Fourth, general equipment manufacturing, special equipment manufacturing, automobile manufacturing, and railways. The taxation of ship aerospace and other transportation equipment manufacturing, electrical machinery and equipment manufacturing, computer communication and other electronic equipment manufacturing industry has only slightly increased or decreased compared with the same period of last year. It is mainly affected by tax reduction policies, and also costs high with energy and raw materials. Profit margins are squeezed and so on.
Fourth, the inter-regional income growth rate has remained stable and coordinated overall, and the growth rate in the western region has increased. In 2018, the general public budget revenues in the eastern, central, western, and northeastern regions increased by 6.8%, 8%, 7%, and 6%, respectively, and remained generally within a reasonable range, reflecting the good momentum of coordinated regional economic development. Among them, the income growth in the eastern, central and northeast regions slowed slightly compared with the previous year, and the income growth in the western region accelerated significantly, with an increase of 1.7 percentage points over the previous year. Among the 31 regions in the country, the fiscal revenues of Tibet, Shanxi, Zhejiang, Shaanxi, Hainan, Qinghai and Henan have achieved double-digit growth, and 23 regions such as Liaoning, Sichuan, Inner Mongolia and Hebei have grown in single digits.
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