China’s fiscal revenue decreased by 3.9 per cent year on year to around 18.29 trillion yuan (about 2.8 trillion U.S. dollars) in 2020, official data showed Thursday.
The central government collected about 8.28 trillion yuan in revenue, down 7.3 per cent year on year, while local governments saw revenue down 0.9 per cent to about 10 trillion yuan, according to data from the Ministry of Finance.
Tax revenue totalled 15.43 trillion yuan, down 2.3 per cent year on year.
Specifically, revenue from domestic value-added tax last year went down 8.9 per cent from one year earlier to about 5.68 trillion yuan, while that from domestic consumption tax dropped 4.3 per cent to 1.2 trillion yuan.
Revenue from individual income tax rose 11.4 per cent year on year to 1.16 trillion yuan in the period, the data showed.
Meanwhile, revenue from value-added tax and consumption tax on imported goods stood at 1.45 trillion yuan, down 8.1 per cent from one year earlier, while that from tariffs declined 11.2 per cent to 256.4 billion yuan.
The data also showed that the country’s fiscal spending expanded 2.8 per cent year on year to around 24.56 trillion yuan in 2020.