Tax Cuts and Fee Cuts of Over 1.8 Trillion in August Before Third Quarter Tax Revenue Growth Turned Positive |

Original Caption: Tax Cuts and Fee Cuts in August Before Third Quarter Tax Revenue Increase Turned Positive by Over 1.8 Trillion Yuan

On October 21, the Ministry of Finance celebrated tax revenues and expenditures in the first three quarters of 2020Press conference. Statistics show that from January to September, the national general public budget revenue was 14.10 trillion yuan,Year with yearA decrease of 6.4%. In comparison, tax expenditures have not dropped much. From January to September, the national general public budget expenditures totaled 1.75185 billion yuan, down 1.9% year-on-year.

Liu Jinyun, director of the Treasury Payment Center of the Ministry of Finance, presented that from the perspective of income trends,IncomeThe growth has improved month by month. In the first three quarters, the revenues of the national general public budget increased by -14.3%, -7.4% and 4.7% respectively. Overall, first-quarter revenue fell sharply in the second quarter and then bottomed out in the second quarter, and the third quarter went from positive from negative to positive.

Since the beginning of this year, the Ministry of Finance and relevant departments have published a series ofTax reductionTariff reduction measures According to Chen Donghao, Deputy Director General of the Tax Administration, from January to August this year, the country achieved a tax reduction of 1,877,286 million yuan, of which 1,171,134 million yuan recently increased in tax and fee cuts, and 706.152 million yuan was added at the end. solutioncompanyDifficult and stablemarketThe main body, which supports the resumption of work and production and the stable functioning of the economy, have played an important role.

　　National tax revenue “four consecutive increases”

Liu Jinyun introduced that since June this year, domestic tax revenue has achieved positive growth for four consecutive months. June-September revenue increased by 3.2%, 4.3%, 5.3% and 4, 5%, of which September was deducted from the same period last year.State financial institutionsTransferred to central companiesprofitAfter other special factors, tax revenue increased approximately 8% year-on-year.

Regarding tax revenues, the main economic indicators have recovered steadily. In SeptemberTax subjectThe growth rate turned positive.

Accumulated from January to September,National tax revenue11,887.6 million yuan, a year-on-year decrease of 6.4%, a decrease of 10 percentage points and 4.9%, respectively, compared with the first quarter and the first half of the year. Among them, national tax revenue in September increased 8.2% year-on-year.

Regarding tax rates, from January to September, the domestic value added tax fell 13.5%, lower by 5.6 percentage points than in the first half of the year.dealThe value added tax has increased for three consecutive months, mainly affected byindustryProduction growth continues to accelerate; The value-added tax of the corporate tax reform has turned positive for the first time this year, mainly due toServiceThe recovery of the industry has accelerated.

　　Corporate taxA drop of 4.9%, 2.3 percentage points less than in the first half of the year, mainly due toBusiness benefitsDouble digit growth for 3 consecutive months. The value added tax on imported goods fell 9.4%, a decrease of 6.8 percentage points compared to the first half of the year, indicating that commercial imports in general continued to rebound.

In terms of spending, from January to September, the national general public budget spending was 1.75185 million yuan, a year-on-year decrease of 1.9%.

Among them, central government spending was 2,544.2 billion yuan, 2.1% less;Local financeSpending was 15,064.3 billion yuan, down 1.9%. The decrease in national fiscal spending, except for the impact of the epidemic in the first months of the year, and the slowdown in spending on some projects compared to the same period last year, is mainly due to the strict implementation of the requirements for working hours. adjusted by governments at all levels to reduce non-urgent non-rigid expenditures.

　　generalLink939.3 billion issued

The first three quartersLocal government bondsHow to use?

Wang Kebing, a first level inspector of the Budget Department of the Ministry of Finance, presented that in 2020, the National People’s Congress will approve the provision of new places.Government bondsThe fee is 4.73 trillion yuan, including 980 billion yuan for general bonds and 3.75 trillion yuan for special bonds.

As of September 30, 939.3 billion yuan in general bonds had been issued. The issuance and use of special bonds throughout the country is generally good and in line with expectations.

Wang Kebing said that the issuance and use of local government bonds is progressing rapidly and on a large scale. As of September 30, 3,365,200 million yuan (not including refinancing) of special bonds (newly added) were issued throughout the country, representing 95% of the issued quota; issuance scale increased by 1.2355 billion yuan year on year, an increase of 58%; special bond funds issued 2.8 trillion yuan have been spent, accounting for 83% of the issuance scale.

Furthermore, in accordance with the decisions and deployments of the Party Central Committee and the State Council, the Ministry of Finance reasonably expanded the special bonds as eligible funds for large projects.principalAnd increase the proportion of local special bonds used as project capital from 20% to 25%. Nearly 300 billion yuan of special bonds for railways and roads have been used.traffic, Capital of eligible large projects in the fields of agriculture, forestry, water conservation, ecological and environmental protection, etc., play the main role of “four or two allocations”.

(Source: Daily Economic News)

(Responsible editor: DF522)