China Jan-Feb Govt Revenue Up 6.3 pc, Spending up 12 pc

China Daily: China fiscal revenue up 6.3% in first two months
Netease: 财政部:1-2月财政收入增6.3% 证券印花税降9.9%

January-February revenue up 6.3%, spending up 12%.

Revenue items:

stamp duty on stocks down 9.9%; real estate transaction taxes up 20.2%; resource taxes down 24.8%; personal income tax up 20.2% due mainly to year-end bonuses falling in February. Last year, a later Spring Festival pushed the tax hit into March.

auto purchase taxes down 19.6% due to 50% cut in tax on smaller cars

local govt taxes (land use, local VAT, deed tax) rise between 5% and 14.2%

Spending items: affordable housing up 30.7%

Import VAT down 18.7%; customs duties down 22.9%. Export duties down 8.5% (blamed on unfavorable yoy comparison).

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