Ministry of Finance: Central tax revenue increased by only 255.3 billion in the first nine months, while local governments increased significantly by 452.7 billion

The Ministry of Finance said that in the first nine months, the central government's tax revenue increased by 255.3 billion yuan, while local government revenue increased by 452.7 billion yuan.

The Ministry of Finance stated that from January to September this year, national tax revenue increased by 700.4 billion yuan compared with the same period last year, but the central government only increased by 255.3 billion yuan, and local governments increased by 452.7 billion yuan. This was mainly due to the new version of the fiscal planning law, which reduced the ratio of business tax to the central government to 4.5%, resulting in the central government reducing business tax by 274.8 billion yuan.

The Ministry of Finance explained that since the beginning of this year, affected by the economic boom and the booming stock market, the national tax revenue from January to September increased by 700.4 billion yuan compared with the same period last year, mainly concentrated in securities tax, business tax and business tax. However, due to the impact of the new version of the fiscal planning law, the ratio of business tax allocated to the central government dropped from 61.2% to 4.5%, resulting in a decrease of 274.8 billion yuan in business tax allocated to the central government compared with the same period last year.

The Ministry of Finance pointed out that the central government's general budget was announced on September 18. The preliminary national tax statistics released last month used the statutory budget number as the calculation basis for the budget achievement rate (net tax collection accounted for the annual budget number). The cumulative budget achievement rate for the central government from January to September was 76.6%, and that of local governments was 83.2%.