China's revenue fell 10.3% in Q1

Apr. 23, 2009 (China Knowledge) - China's revenue in the first quarter of this year totaled RMB 1.3 trillion, down 10.3% or RMB 149.61 billion from a year earlier, according to a report released by the country's Ministry of Finance (MOF) yesterday.

However, monthly declines in revenues have been narrowing. Revenues dropped 16.7% year-on-year in January, 6.4% in February and 3% in March, said the ministry.

In the first three months, income from the domestic consumption tax surged 38.5% year on year to RMB 101.02 billion, while that from the domestic value added tax edged down 2.4% from a year earlier to RMB 456.61 billion, and that from the corporate income tax fell 16.7% to RMB 214.5 billion.

Revenue from the import linkage tax totaled RMB 158.45 billion, down 15.8% year on year, and the total revenue from stamp duties on securities transactions plunged 86.2% from a year earlier to RMB 8.23 billion, according to the report.