National tax May negative growth in financial, real estate taxes appeared a sharp rebound

The Treasury's latest tax statistics are available. May, the total national tax completed 570.97 billion yuan, a reduction of 19.2 billion yuan, down 3.2%.　　This fell by more than 60% per cent over a year earlier, at 58% per cent. Among them, the domestic value-added tax fell 4.7%, import link tax fell 18.9%, corporate income tax fell 8.9%.　　The three categories of taxes now account for 74% of the total national tax. 10 days ago, the national revenue "from negative positive" news also let the market "spirits".　　Data from the Ministry of Finance showed that national revenues rose 4.8% per cent year-on-year, the first positive increase since this year. A local tax official told reporters that the rapid rise in non-tax revenue is the reason for the May "positive" ――5 month, the national non-tax income growth of 1.3 times times year-on-year.　　Much of this, however, comes from the return on government debt that has been issued to support stimulus policies, and the improvement in economic fundamentals. "The continued decline in taxes suggests that the recovery is not stable.　　"Suming, deputy director of the Ministry of Finance Science and Technology, told reporters that the continued decline in corporate efficiency, value-added tax reform, as well as the continued decline in foreign trade imports, is the May tax revenue continued to reduce the main reason." It is a concern that while the main tax revenue has been reduced, the financial business tax and real estate sales tax have realized a substantial increase.　　According to the Ministry of Finance data, the banking, securities, real estate business tax increases of 31.6%, 29.7% and 25.7% respectively year-on-year.　　Tax analysts believe that the rapid rebound in the financial industry business tax, and the increase in the number of new credit, stock transactions active, and real estate sales tax rebound, is the May housing market "small spring" in the tax on the mapping.　　The main tax, which continues to reduce the value-added tax, which accounts for One-fourth of total tax revenues, fell 4.7% per cent in May, a 1% increase on the basis of the January-April decline, compared with a decline of 24% over the same period last year.　　According to the tax statistics, the tax base of VAT is roughly equivalent to the increase in industrial value and commercial value, especially the increase of industrial value, which has a great effect on VAT entry.　　June 23, the Ministry of Industry reported the overall operation of January-May, the national scale of industry above the increase in value year-on-year growth of 6.3%, of which May growth of 8.9%, faster than April 1.6%. The officials of the local tax bureau explained to reporters that compared with the increase in industrial value of 16% in the same period last year, there has been a substantial decline this year, and the transformation of the consumption-oriented value-added tax, which began in the early years, has allowed companies to purchase input tax credits for machinery and equipment, which has increased substantially under the investment frenzy this year,　　This resulted in a substantial reduction in VAT. Among the various taxes, enterprise income tax accounted for the largest proportion of total national tax, 36.7%. In May, corporate income tax income was 210.8 billion yuan, down 8.9% year-on-year. Relative to the 204% growth "myth" of the same period last year, the increase in the month fell213%. The tax base of enterprise income tax is mainly enterprise profit.　　According to the Ministry of Finance June 23 issued the "January-May national state-owned and state-controlled enterprises economic performance" shows that in January-May, the national state-owned enterprises to achieve a cumulative profit of 425.4 billion yuan, down 30.3% year-on-year, and May than the April and the quarter-on-quarter decline 7.5%.　　The sharp decline in profits directly led to a 22.8% fall in the taxable income tax of state-owned enterprises, which increased by 2% in January-May. "Value-added tax and corporate income tax accounted for more than 60% of the total tax, but also the central and local share of the tax, the two continued to decline, will certainly affect the central and local government and fiscal expenditure ' market '."　　"The local tax bureau officials told reporters that in the tightening of government spending, many local governments through the tax authorities to strengthen the tax collection and management of enterprises." The price mystery behind the reduction of tax is the reduction of tax revenue and the price factor that cannot be neglected. Shanghai economic Prosperity and Prediction Research Department director Liu nuclear kill Xing Jing? The price of manufactured goods and raw materials, power, purchase prices on the tax impact is important. "Since taxes are levied at current prices, changes in price, especially in industrial products, will affect the actual tax scale." "The statistics released by the National Bureau of Statistics show that May, the factory price of industrial products fell 7.2% year-on-year, raw materials, fuel, power purchase prices fell 10.4%.　　The same period last year, coincided with the PPI increase of 43-month high, up to 8.2%, which immediately caused a ripple effect of tax increases-last May, tax revenue year-on-year growth rate unexpectedly reached 57.7%. For example, while crude oil prices topped $60/barrel in May and rose more than 30% since the start of the year, it was still low compared with the $145/barrel price last May.　　Therefore, despite the increase in the chain, but the crude oil value-added tax is still down 59.3%, non-ferrous metals value-added tax also fell 54% year-on-year. "The main reason for the substantial reduction in the crude and non-ferrous metal value-added tax is the decrease in the value of the industry as a result of the sharp reduction in the factory prices of these products."　　"The Treasury Department said in an earlier analysis article. Financial and property taxes have rebounded sharply, not all year-on-year growth figures are hovering around negative values. The Ministry of Finance data shows that May, the consumption tax and business tax two major taxes continue to maintain the first two months of income growth, respectively, an increase of 91.2%, 14%.　　In addition, personal income tax to achieve income increase, year-on-year growth of 0.9%. The income effect of the oil tax reform is obvious. May, the oil consumption tax increased 5.4 times times year-on-year, the increase of 16.2 billion yuan, accounting for the total consumption tax increase of 90%.　　At the same time, the tax incentives for car purchases, car consumption tax revenue increased by 7.3%, to get rid of the situation of double-digit decline. The sales tax in the banking, securities, real estate and construction industries increased by 31.6%, 29.7%, 25.7% and 17.6% respectively. And the rigid increase of consumption tax reformDifferent, the financial, real estate business tax sharp rebound in the driving force, more from the market. "The large increase in business tax revenue is mainly affected by the rapid growth of new credit scale."　　"said the former tax bureau officials. Central bank data show that May new loans 664.5 billion yuan, more than 346 billion yuan.　　In the first 5 months of this year, China added more RMB loans to more than 5.8 trillion yuan. And the continued recovery of the stock market, not only to achieve a rapid increase in the securities business tax, but also affect the stock Exchange tax revenue recovery.　　In May, the tax was completed at 4.119 billion yuan, down 39.8% from a year earlier, but it rebounded 42.3% per cent from the January-April decline (-82.1%).　　May, the Shanghai and Shenzhen Index, respectively, rose 6.3% and 6.6%, volume continued to enlarge, the average daily turnover of the two cities rose to 205.977 billion yuan, compared to January-April quarter-on-quarter growth of 16%.　　The rebound in the securities market has attracted a significant portion of residents and corporate savings to "abandon the silver Investment shares", which is reflected in the May income tax composition characteristics. May, wages, payroll income tax income of 17.975 billion yuan, an increase of 10.2%, but the savings interest income tax income is only 1.179 billion yuan, down 50.2% year-on-year.　　In the case of a year-on-year rise in wage income tax income, the income from savings interest income has fallen sharply. "The stock market rose faster in May, diverting a significant portion of the residents and businesses from saving deposits."　　An insider at Societe Generale told reporters that May residents ' yuan savings deposits increased by only 12.2 billion yuan, the one-month-minimum increase since August 2001.　　At the same time as the financial tax increases greatly, the real estate industry and construction business tax has also achieved rapid growth, which is affected by the national infrastructure investment and real estate development growth, in which the real estate business tax is converted from the first 4 months to the income. The National Bureau of Statistics earlier data showed that January-May, urban fixed assets investment 5.352 trillion yuan, an increase of 32.9%.　　Among them, the real estate development completes invests 1.0165 trillion yuan, the growth 6.8%.　　Zhejiang Provincial Bureau of Statistics officials told reporters that January-May this year, Zhejiang Province, commercial housing sales grew 37.3% year-on-year, from the sales data, 90 square meters below and 140 square meters above the housing demand is relatively strong, its sales area increased by 78.5% and 65.6% respectively. "In the interest of inflation and rising house prices, people tend to swap their currencies for real things, whether they are investment or safe havens," he said. A commodities investor told reporters.