Tax Revenue Growth In The First Three Quarters Exceeded GDP By Nearly Two Times &Nbsp, And Tax Cuts Renewed.

Tax reduction

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High growth, high prices and high taxes

The Ministry of Finance said that tax revenue grew fairly fast in the first three quarters of this year, mainly due to stable and fast economic growth and rising price levels.

In the first three quarters, the gross domestic product increased by 9.4% year-on-year, driving domestic turnover tax, corporate income tax, tariff and import links.

The effect of raising the tax threshold has not yet appeared.

According to the latest personal income tax law, since September 1, 2011, the tax deduction standard has been raised from 2000 yuan to 3500 yuan.

In September, the national personal income tax was 45 billion 96 million yuan.

The Ministry of Finance said that the growth of personal tax in September was slightly lower than that in the previous months. However, the impact of raising the threshold of personal income tax has not been fully manifested. The main reason is that, in accordance with the relevant provisions of the tax law, the tax payable on wages and salaries should be paid into the state treasury within 15 days of the next month. Most of the wage and salary income tax collected in September will be the August payroll income tax payable, starting from October, and the personal income tax.

Many scholars called for tax cuts.

According to the National Bureau of statistics, in the first three quarters, GDP grew by 9.4% compared with the same period last year, and the nominal growth of tax revenue reached 27.4%, which caused many scholars' concerns about the high level of economic taxes.

Xu Xiaonian, a professor who has always supported the tax cuts, said yesterday in his personal micro-blog, Professor micro-blog (micro-blog), "after deducting inflation factors, tax revenue growth is still nearly three times that of GDP growth, and tax reduction is appealed for the first time."

Xie Guozhong, an independent economist and director of the Rosetta Stone Advisors Ltd, has written that the highest rate of personal income tax in China should be reduced from 45% to 25%, and the value added tax rate should be reduced from 17% to 12%.

Wang Surong, a professor at the International Business School of University of International Business and Economics, said that China should moderately reduce the pfer tax, that is, business tax and value added tax, and the business tax is the internal price tax. There is a factor of double taxation, which has eroded the profits of enterprises to a certain extent. Although the value-added tax is a non price tax, it will eventually pfer the tax to consumers. Therefore, the proper reduction of the tax on the pfer link is beneficial to the growth of the income of the enterprises and residents, and is also conducive to the smooth development of the national expansion of domestic demand strategy.