Jilin records fiscal revenue growth in first 5 months
The fiscal revenue of Northeast China's Jilin province hit 55.16 billion yuan ($8.62 billion) in the first five months of 2021, a year-on-year growth of 28.5 percent, according to data released by the provincial finance department.
The growth rate was 6.8 percentage points higher than the national average.
All of the major tax categories achieved substantial growth during the period, driven by sustained economic growth and rapid growth in investment, consumption, and residents' income.
From January to April, the value added of Jilin's industrial enterprises above a designated size increased by 22.3 percent; fixed asset investment increased by 21.5 percent; and total retail sales of consumer goods above a designated size increased by 30.4 percent. This in turn drove the added-value tax to increase by 28.5 percent; the corporate income tax to increase by 25.5 percent; and the deed tax to increase by 36.1 percent in the first five months of 2021.
The tax contribution rate of the above three taxes reached 78 percent.
In addition, the personal income tax take increased by 43.2 percent, driven by the increase in the income levels of residents and the increase in income from property transfers.
Tax revenue from the automobile manufacturing industry increased by 98.5 percent, tax revenue from the wholesale and retail industries increased by 70.1 percent, and tax revenue from the pharmaceutical manufacturing industry increased by 55.8 percent year-on-year.
Tax revenue from the three industries together drove the province's local tax revenue up by 20.2 percentage points.