June revenue rose 19.6% revenue contradictions still outstanding

Yesterday, the Treasury released June revenue figures. Data show that June China's fiscal revenue rose 19.6%, compared with the previous months of the year's year-on-year increase in the "jump" growth.　　But this increase has not brought too much optimistic information on the fiscal revenue and expenditure, according to the Ministry of Finance, the first half of the fiscal revenue and expenditure data, the first half of this year, China's fiscal surplus shrank to 57.5%. Oil change to boost consumption tax the Treasury said that in June, the national revenue of 686.747 billion yuan, compared with the same month last year, an increase of 112.365 billion yuan, an increase of 19.6%.　　Among them, the central level income of 348.684 billion yuan, an increase of 15.9% per cent, local income of 338.063 billion yuan, an increase of 23.5%. This 1 ~ April China's fiscal revenue have year-on-year negative growth, into May, the first appearance rose 4.8%, to 656.947 billion yuan.　　And June's revenue compared with May, basically flat.　　Yuanchun, vice president of the Economic Institute of Renmin University of China, said that the "jump" year-on-year increase in June was largely due to a year-on-year base, and therefore should not be overly optimistic.　　In addition, from the composition of fiscal revenue, the one-time income from the unpaid tax revenue of last year is one of the main reasons for the large increment of revenue. In addition, Kang, director of the Institute of Science of the Ministry of Finance, told the Daily economic news that the oil tax reform has also constituted another reason for our country's revenue surge in 5 June. "From the May's situation, the oil tax reform and the last year owed tax, created a total of more than 100 billion of revenue." "As far as I know, the amount of taxes owed last year in June was greater than that of May," Yuanchun said. The reading from the Treasury confirms the analysis. The Ministry of Finance said that the 5 June, the emergence of a significant increase in revenue, one is the economic operation of some positive changes in the business tax and other related tax on the embodiment of the second is the 5 June clean up the arrears of income and so added a number of one-off income, non-tax income also increase the corresponding increase　　Third, the implementation of oil tax reform to improve the consumption of oil products to replace road maintenance fee, and in recent months the increase in product sales led to a significant increase in consumption tax. In addition, the Ministry of Finance and the State administration of Taxation recently adopted a series of "income" measures also began to show results.　　The Ministry of Finance pointed out that cigarette consumption tax also contributed to the increase in revenue in recent two months. The first half of the fiscal surplus fell nearly 60% per cent according to the Ministry of Finance data can be found in the first half of China from the fiscal surplus of 507.358 billion yuan. Compared with last year, this surplus shows the urgency of our fiscal revenue and expenditure this year.　　China's fiscal surplus fell by about 57.5% per cent in the first half of this year. It is not difficult to find, resulting in a large contraction of the surplus in the first half of China's fiscal revenue year-on-year decline, and spending has increased significantly year-on-year. Among them, the revenue of 3,397,614,000,000 yuan, compared with the same period last year, reduced 83.205 billion yuan, down 2.4%. RevenueTax revenue of 2,953,007,000,000 yuan, down 6% year-on-year, non-tax income of 444.607 billion yuan, an increase of 31.4%.　　Among them, VAT fell 3% year-on-year, corporate income tax fell 13.8%, import goods value-added tax, consumption tax fell 14.9% year-on-year, tariffs fell by 29.9%, the securities transaction stamp duty fell 74.5% year-on-year, vehicle purchase tax down 6.2%.　　In terms of spending, fiscal spending reached 2,890,256,000,000 yuan in the first half, an increase of 602.054 billion yuan over the same period last year, and an increase of 26.3%.　　Fiscal pressure or more obvious in the second half of the year, the Treasury said yesterday that fiscal revenues continued to grow on a shaky basis, and that the balance of payments was still outstanding. The Ministry of Finance has a point. Kang said: "Although the first half of the surplus, but the deficit pressure will begin to appear from November this year, the rules are the same over the years." "Since this year, many analysts have questioned that the red line of the GDP deficit is likely to break out this year." Yuanchun said the risk would increase in the second half of the year. "The June policy of increasing the rate of export tax rebate will put a lot of pressure on the central government." "In addition, observation of Treasury data can be found, although the overall fiscal surplus, but the local budget is tight." Data show that the first half of the local income of 1,627,214,000,000 yuan, local level expenditure of 2,299,767,000,000 yuan, the deficit of 6725.53 yuan.　　In the second half of the year, local fiscal deficit pressures will be more pronounced. "In the next two quarters, our country faces the task of implementing fiscal stimulus policy in the first half of the year, and many of the supporting funds are not yet in place, so from the beginning of the third quarter, the problem of local income and expenditure contradictions will be more prominent." "Yuanchun said.