From January to March 2022, the general public budget revenue increased by 8.6% year-on-year; The cumulative tax revenue increased by 7.7% year-on-year; Non tax revenue increased by 14.2% year-on-year; The cumulative income from the transfer of state-owned land use rights decreased by 27.4% year-on-year; General public budget expenditure increased by 8.3% year-on-year.
Public revenue: the impact of the epidemic, the growth rate fell
In March, affected by the epidemic, consumption was depressed and the supply chain was disordered. Both ends of production and demand were greatly impacted, and the year-on-year growth rate of tax revenue was - 0.16%; Non tax revenue increased by 14.9% due to seasonality and rising energy prices. Considering that tax revenue accounts for about 85% of public revenue, the year-on-year negative growth of tax revenue dragged down the growth rate of general public budget revenue from 10.5% from January to February to 7.1pct to 3.4%. Supported by the sustained and stable economic recovery from January to February and PPI inflation at a high level, public fiscal revenue still achieved steady growth in the first quarter. The growth rate of 8.6% was 1.9pct lower than that from January to February, but it was still significantly higher than the annual budget growth rate of 3.8%.
Among the main taxes, due to the impact of the epidemic, the increasing downward pressure on the economy and the continuous implementation of the tax relief policy for small, medium and micro enterprises in the manufacturing industry, the year-on-year growth rate of value-added tax in March was - 4%. In March, the growth rate of total retail sales of social consumer goods was - 3.5%. The consumption downturn led to a sharp decline in the growth rate of consumption tax by 10.1pct to 8.6% compared with that from January to February. Under the great disturbance of economic growth, the enterprise income tax increased strongly by 45.7%, mainly driven by the increase of profits of industrial enterprises. This year's Spring Festival is earlier than the past few years. The warehousing time of individual income tax paid by the year-end bonus is misplaced, resulting in a sharp year-on-year fluctuation in the growth rate of individual income tax, with a year-on-year growth rate of 46.8% from January to February and - 51.3% in March.
