Local Revenue

 

May, 2010

In May, the local government revenues of the Municipality amount to RMB 26.26 billion, RMB 3.6 billion or 15.9% higher than the previous year, in which the Municipal-level revenues amount to RMB 11.78 billion, RMB 0.91 billion or 8.4% up from the previous year. Among the major revenue items, VAT increases by 4.1%, business tax up 21.5%, corporate income tax up 75.8%, personal tax up 23% and contract tax rises by 42.9%.

As the global economy recovered and the State's macro-control policies showed effects, the Municipality’s economy enjoys sustained recovery in the first five month from January to May, which brings good economic benefits and a rapid growth in local government revenues. But as the base figures of the previous year get higher every month, the small base effect weakens, and the growth in local government revenues levels off.