Fiscal revenue continued to rise, but the year-on-year growth slowed down under the influence of high base
Affected by the sustained and stable recovery of the economy and the year-on-year rise in the ex factory prices of industrial producers, the general public budget income rebounded in the first quarter. However, under the influence of the multi-point spread of the epidemic and the high base, the income growth slowed down and the year-on-year growth gap between central and local income turned negative. The national general public budget revenue was 6203.7 billion yuan, an increase of 8.6% year-on-year and a decrease of 15.6 percentage points over the same period last year; The large decline may be related to the restorative economic growth in 2021, resulting in a high base in the early stage. At the same time, it is also affected by the recent multi-point spread of the epidemic and the conflict between Russia and Ukraine. Among them, the central general public budget revenue was 2894.9 billion yuan, a year-on-year increase of 7.6%, significantly lower than the year-on-year growth rate under the low base in the same period in 2021 (27.2%), the local general public budget revenue was 3308.8 billion yuan, a year-on-year increase of 9.5%, a year-on-year decrease of 12.2 percentage points compared with the same period last year, and the year-on-year growth gap between central and local revenue was 7.4 percentage points lower to - 1.9% compared with the same period in 2021.
The growth of tax revenue slowed down. The year-on-year growth rate of value-added tax and enterprise income tax was less than 10%. In the first quarter, the national tax revenue was 5245.2 billion yuan, a year-on-year increase of 7.7%, a decrease of 17.1 percentage points compared with the same period last year, and a further decrease compared with the year-on-year growth rate from January to February. The value-added tax, the largest tax category, achieved a revenue of 1923.1 billion yuan, a year-on-year increase of 3.6%, a decrease of 20.3 percentage points compared with the same period last year, and lower than the year-on-year growth rate from January to February (6.1%), which may be driven by the growth of industrial added value and the rise of ex factory prices of industrial producers, but the increase was driven by factors such as the continuous implementation of tax relief policies for small, medium-sized and micro enterprises. The second largest tax category, enterprise income tax, achieved an income of 1067.3 billion yuan, a year-on-year increase of 9.8%, and the growth rate decreased by 14.1 percentage points compared with the same period last year, mainly driven by the stable recovery of industrial economy and the profit growth of industrial enterprises. Among the other 20 major tax items, most tax items achieved year-on-year growth. Driven by the rise of international commodity prices and the sustained and rapid growth of general trade imports, the import tax increased by 24.2% year-on-year and the resource tax revenue nearly doubled. In addition, the scale of national non tax revenue increased to 958.5 billion yuan, a year-on-year increase of 14.20%, a decrease of 6.5 percentage points over the same period last year and an increase of 0.5 percentage points over the year-on-year growth from January to February.
