Tax reduction and fee reduction continued, and VAT retention and tax rebate were implemented on a large scale; The pace of fiscal expenditure remained relatively fast, but the epidemic disturbed the strength of fiscal expenditure.
From the monthly data, the public revenue in April reached 1225.6 billion yuan, a decrease of 41.34% over the same period last year, of which the tax revenue decreased by 47.31% to 986.7 billion yuan, and the scale of non tax revenue was 238.9 billion yuan, a year-on-year increase of 10.30%. The large-scale implementation of retention tax rebate was the main reason for the significant decline in public revenue in April. Since the beginning of this year, in order to ensure the "stable growth" of the economy during the year, the intensity of tax reduction and fee reduction has been continuously strengthened. In March, the Ministry of Finance and the State Administration of Taxation jointly issued the announcement of the Ministry of Finance and the State Administration of Taxation on Further Strengthening the implementation of the tax rebate policy of value-added tax at the end of the period, and implemented a large-scale tax rebate from April. According to Xu Hongcai, vice minister of finance, the national value-added tax rebate was about 800 billion yuan in April, which became the main reason for the sharp decline of natural caliber tax revenue in April. April is the tax month. After deducting the tax rebate factors, the cumulative year-on-year growth rate of tax revenue in that month is still lower than that in the first quarter. The epidemic situation may be an important factor. Focusing on the tax revenue structure of a single month, under the natural caliber, the enterprise income tax and consumption tax still account for a relatively high proportion in a single month, accounting for 65.33% and 12.28% respectively, and the growth rate is - 1.30% and 14.34% respectively; The impact of the epidemic on enterprise production and supply chain is reflected in taxation. Price is an important factor supporting enterprise income tax. In April, the year-on-year growth rate of industrial added value decreased by 2.9%, while the year-on-year growth rate of PPI is still at a high position of 8%.
In terms of public expenditure, in April, the national general public budget expenditure decreased by 1.96% year-on-year. Among them, the local public financial expenditure decreased by 2.81% year-on-year, and the central public financial expenditure increased by 2.61% year-on-year. It has been growing for two consecutive months. Under the influence of the rebound of the epidemic, the central government has strengthened the transfer payment. From the perspective of structure, the cumulative year-on-year growth rate of expenditure in the field of health in April was 7.50%, an increase of 1.3 percentage points compared with March. The pressure on epidemic prevention and control in China continued to rise, and fiscal expenditure tilted to relevant fields. In addition, the overall fiscal expenditure in April remained inclined to the field of infrastructure. From January to April, the public budget spent 551.5 billion yuan on agriculture, forestry and water, a year-on-year increase of 12.9%, an increase of 4.5 percentage points over the first quarter; The expenditure on urban and rural communities was 599.4 billion yuan, a year-on-year increase of 3.6%, 3.9 percentage points lower than that in the first quarter; The expenditure on transportation was 392.8 billion yuan, a year-on-year increase of 7.2%, 3.7 percentage points lower than that in the first quarter; Since March, the epidemic has had an impact on the operation and investment of transportation and logistics related industries, but the trend of budgetary expenditure inclined to the field of infrastructure remains unchanged. The growth rate of water conservancy investment in the year continued to be higher than 10%. Pay attention to the contribution of water conservancy investment to the annual infrastructure investment.
In terms of government fund budget, from January to April, the national government fund budget revenue was 1756.5 billion yuan, a year-on-year decrease of 27.6%, and the decline increased by 2 percentage points again. Among them, the budget revenue of local government funds decreased by 28.8% and 2.3 percentage points year-on-year, and the revenue from the transfer of state-owned land use right decreased by 29.8% and 2.4 percentage points year-on-year. The income from the transfer of state-owned land is still the main item affecting the income of government funds. In terms of expenditure, from the single month data, the expenditure of local government expenditure and the income arrangement of state-owned land use right transfer fee in April maintained a positive growth year-on-year, but the growth rate decreased significantly. The epidemic had an impact on the expenditure force of government funds and disturbed the rhythm of investment force during the year, which was consistent with the narrowing of the growth rate of infrastructure investment in April. The policy overweight of subsequent expansion of infrastructure investment is worthy of attention.
Risk tip: global inflation is rising too fast; Liquidity flows back to US debt; The global covid-19 epidemic has expanded its impact.
