Fiscal revenue rebounds in May

National fiscal revenue rebounded in May from a slowdown in the previous month.

Total fiscal income grew 13.1 percent year-on-year to 1.20 trillion yuan ($188.5 billion) in May, according to a statement released by the Ministry of Finance on Monday.

In April, total fiscal income grew only 6.9 percent year-on-year to 1.08 trillion yuan. The growth was down from 18.7 percent in March and an average of 25 percent last year.

According to the Ministry, the higher fiscal revenue growth in May results from increased annual clearance of Corporation Income Tax reviewed and finalized by banks.

Corporation income tax in May reached 432.8 billion yuan, up 29.9 percent from the previous year. Other revenues are still seeing a downturn for reasons such as the sluggish economic growth and declining enterprises’ profits.

Fiscal expenditure rose 10.8 percent to 916.5 billion yuan in May after the government further strengthened the management and supervision of budget expenditure.

For the first five months of the year, national fiscal revenues increased 12.7 percent to 5.28 trillion yuan in total and fiscal expenditure totaled 4.12 trillion yuan, up 22.4 percent from a year earlier, according to the ministry.

baochang@chinadaily.com.cn