Fiscal & tax revenue 2022

China's fiscal revenue amounted to approximately 18.55 trillion yuan ($2.66 trillion) during the first 11 months of 2022, official data showed.

The figure represents a drop of 3 percent from the same period last year, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 6.1 percent from a year earlier.

The central government collected about 8.58 trillion yuan in fiscal revenue, down 2.9 percent, and local governments collected nearly 9.98 trillion yuan, down 3 percent.

Tax revenue came in at over 15.28 trillion yuan in the January-November period, down 7.1 percent year on year.

Fiscal spending rose 6.2 percent year on year to hit around 22.73 trillion yuan during the period, according to the ministry.

TAX, FEE CUTS

China's tax refunds, as well as tax and fee cuts and deferrals, exceeded 4.2 trillion yuan ($621.27 billion) in 2022 amid the country's efforts to stabilize the macroeconomy, China's top tax authority said on Tuesday.

The total consists of approximately 2.46 trillion yuan worth of value-added tax credits that have been refunded to taxpayers' accounts, over 1 trillion yuan of tax and fee cuts, and 750 billion yuan of deferred tax and fee payments, Wang Daoshu, deputy head of the State Taxation Administration, told a press conference.

About 1.5 trillion yuan of tax and fee payments were rebated, deducted or deferred for enterprises in the manufacturing sector last year, accounting for 35 percent of the total, Wang said.

He noted that small and micro enterprises, as well as individual businesses, saw more than 1.7 trillion yuan in tax rebates, tax and fee reductions and deferrals last year.

"Market vitality has been boosted," Wang said, adding that 13.15 million market entities were established in 2022 and began engaging in tax-related activities.