Securities transaction stamp duty revenue for the first 2 months reached 49.9 billion yuan, a year-over-year increase of 1.1 times

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◎ Reporter Li Yuan

Data released by the Ministry of Finance on March 19 shows: in the first two months of this year, the national general public budget revenue was 4.42 trillion yuan, a year-on-year increase of 0.7%, marking a steady start; the national general public budget expenditure was 4.67 trillion yuan, a year-on-year increase of 3.6%, with key sector spending being effectively supported.

The data indicates that in the first two months, the national tax revenue from the general public budget was 36,393 billion yuan, up 0.1% year-on-year; non-tax revenue was 7,761 billion yuan, up 3.4%. Among these, securities transaction stamp duty was 49.9 billion yuan, an increase of 110%. The Ministry of Finance stated that this was mainly due to active stock market trading and increased transaction volume.

Looking at different tax categories: domestic value-added tax (VAT) grew by 4.7%, mainly driven by growth in industrial service sectors and narrower declines in industrial producer prices; import VAT and consumption tax increased by 12.9%, primarily due to rapid growth in foreign trade imports at the beginning of the year; export VAT and consumption tax refunds totaled 556.9 billion yuan, an increase of 49.4 billion yuan or 9.7%, strongly supporting export growth.

Some tax categories showed a slowdown in growth. For example: domestic consumption tax decreased by 6.2%, mainly due to a decline in cigarette consumption tax; corporate income tax fell by 3.9%, mainly because last year’s preliminary tax payments and settlement income tax were recorded earlier, raising the base; personal income tax decreased by 6.9%, mainly because last year’s Spring Festival was earlier, leading to early collection of year-end bonuses and dividend taxes, which increased the base, while this year’s Spring Festival was in mid to late February, so related taxes will be recorded later, causing a noticeable rebound in personal income tax in March.

Industry-wise, tax revenue from equipment manufacturing, modern services, and other sectors continued to perform well. Data shows that in the first two months, tax revenue from computer and communication equipment manufacturing increased by 9%, electrical machinery manufacturing by 9.5%, scientific research and technical services by 15.8%, and cultural, sports, and entertainment industries by 9.8%.

Data also shows that in the first two months, the national general public budget expenditure was 4.67 trillion yuan. Among these, social security and employment expenditure increased by 8.6%, health and wellness expenditure by 17.3%, housing security expenditure by 9%, urban and rural community expenditure by 7.7%, and energy conservation and environmental protection expenditure by 5.4%.

The Ministry of Finance stated that all levels of fiscal authorities continue to implement more proactive fiscal policies, maintain necessary spending levels, continuously optimize expenditure structure, make good use of various funds, accelerate expenditure progress reasonably, and ensure key expenditures such as “Three Guarantees” at the grassroots level are well protected.

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Editor: Yang Ci