Local Revenue

 

September, 2010

In the first three quarters of 2010, the local government revenues of the Municipality amount to RMB 224.61 billion, RMB 30.62 billion or 15.8% higher than the previous year, in which the Municipal-level revenues amount to RMB 108.46 billion, RMB 14.19 billion or 15.1% up from the previous year. Among the major revenue items, VAT increases by 4.8%, business tax is up by 15%, corporate income tax rises by 35.1%, personal income tax rises by 11.7% and contract tax rises by 11.5%.

In the first three quarters of 2010, the growth of local government revenues of the Municipality starts high and levels off or even declines later. In the first quarter, due to the economic recovery and small base figure of previous year, the growth rate is rather high. Since the second quarter, especially in H2 2010, the growth slows down as the base figure of the previous year gradually rises.