State Budget Revenues of China in January and February Increased by 18.7%
In a report published on the official website of the Ministry of Finance of China, it is reported that in the first two months of this year, the country's state budget revenues increased by 18.7% compared to the same period of the previous year, amounting to 4.18 trillion yuan. Income from tax deductions in the specified period increased by 18.9%. Funds received from other sources of budget replenishment increased by 16.8%.
At the same time, it is reported that the most significant increase in January-February 2021 was shown by stamp duties on securities. This figure has jumped by 90.5% in twelve months. Real estate tax revenues increased by 79.6%. The tax on the purchase of vehicles provided an increase in income by 52.9%, Income from the tax on urban construction increased by 26.5% in the specified period. In addition, revenues from VAT and consumer tax on imported products showed an increase of 26.9%.
At the same time, spending on many major budget items increased in the first two months. 20.5% more was spent on the implementation of scientific and technological projects than in the same period of the previous year. Spending on cultural programs increased by 20.5% over the year. State budget expenditures in January-February increased by a total of 10.5%, reaching 3.57 trillion yuan.