USD3.19 Trillion: China’s Fiscal Revenue in 2021

[beijingwalker]

China cuts 1.1 trln yuan of taxes, fees​

GTN, January 26, 2022

China reduced taxes and fees by a further 1.1 trillion yuan ($170 billion) last year for businesses and individuals to support economic stability and growth, Wang Daoshu, the deputy head of the State Taxation Administration, said at a new briefing in Beijing on Wednesday.

Taxation authorities across the country authorized deferred tax payments of 216.2 billion yuan for small and medium-sized enterprises (SMEs) in the manufacturing industry, Wang said. SMEs in the manufacturing industry have faced mounting pressures in recent years as the COVID-19 pandemic upended supply chains, resulting in high raw material costs, energy price hikes and snarls in global shipping. The Chinese government has continued to lower taxes and fees and provide financial support to help the SMEs weather the storm.

Considering the pressure faced by power and heating companies due to the global energy shortages and price fluctuations in recent years, the government forgave 27.1 billion yuan of taxes through tax reduction, refunds and deferral measures.

In 2022, China will continue with the taxes and fees relief measures to support economic growth, focusing especially on support for SMEs, individual businesses and the manufacturing industry.

http://www.china.org.cn/business/2022-01/26/content_78012461.htm

藏富于民

 

[MH.Yang]

China cuts 1.1 trln yuan of taxes, fees​

GTN, January 26, 2022

China reduced taxes and fees by a further 1.1 trillion yuan ($170 billion) last year for businesses and individuals to support economic stability and growth, Wang Daoshu, the deputy head of the State Taxation Administration, said at a new briefing in Beijing on Wednesday.

Taxation authorities across the country authorized deferred tax payments of 216.2 billion yuan for small and medium-sized enterprises (SMEs) in the manufacturing industry, Wang said. SMEs in the manufacturing industry have faced mounting pressures in recent years as the COVID-19 pandemic upended supply chains, resulting in high raw material costs, energy price hikes and snarls in global shipping. The Chinese government has continued to lower taxes and fees and provide financial support to help the SMEs weather the storm.

Considering the pressure faced by power and heating companies due to the global energy shortages and price fluctuations in recent years, the government forgave 27.1 billion yuan of taxes through tax reduction, refunds and deferral measures.

In 2022, China will continue with the taxes and fees relief measures to support economic growth, focusing especially on support for SMEs, individual businesses and the manufacturing industry.

http://www.china.org.cn/business/2022-01/26/content_78012461.htm

藏富于民

To be honest, most of these are export tax rebates. The sharp increase in tax rebates and exemptions last year was due to the sharp increase in our exports.

 

[letsrock]

Where did you get 8 trillion? Wrong figure

"What is the Total US Government Revenue? In FY 2022, total US government revenue, federal, state, and local, is “guesstimated” to be $7.98 trillion, with federal $4.17 trillion; state $2.26 trillion; local $1.55 trillion."

US Government Revenue in $ trillion for Federal, State, and Local for 2024 - Charts

www.usgovernmentrevenue.com

 

[xuxu1457]

"What is the Total US Government Revenue? In FY 2022, total US government revenue, federal, state, and local, is “guesstimated” to be $7.98 trillion, with federal $4.17 trillion; state $2.26 trillion; local $1.55 trillion."

US Government Revenue in $ trillion for Federal, State, and Local for 2024 - Charts

www.usgovernmentrevenue.com

wow,if true, US government catch 36% of GDP

 

[leviathan]

wow,if true, US government catch 36% of GDP

Tax system in China is very inefficient compared to the west. In fact, this issue troubles China for thousands year. Especially Ming, just cant collect more tax and collapsed because of it... Hope technology will improve China's tax system in the future. Maybe digital yuan. That's how they caught the Streamer Weiya tax doge, by monitoring the large suspicious transaction.

 

[KaiserX]

wow,if true, US government catch 36% of GDP

US govt revenue source breakdown-

Federal Govt- Fed Income Tax, Social security, Medicaid, Capital Gains tax (stock)
State Govt- State Income tax, Sales tax, Capital Gains tax (land)
Local Govt- Property taxes on homes/vehicles (1-2% of total value yearly), Sales tax

Certain state do not have a state income tax, but those states are known to have higher property taxes as well as "School tax" to help fund schools. Furthermore some local govts also charge their own sales tax in certain states.

 

[vi-va]

"What is the Total US Government Revenue? In FY 2022, total US government revenue, federal, state, and local, is “guesstimated” to be $7.98 trillion, with federal $4.17 trillion; state $2.26 trillion; local $1.55 trillion."

US Government Revenue in $ trillion for Federal, State, and Local for 2024 - Charts

www.usgovernmentrevenue.com

Thanks.
I looked into it, see the breakdown. Federal Govt income includes Fed Income Tax, Social security, Medicaid, Capital Gains tax (stock)

While the income of Chinese central government hasn't include Social security, Medicaid. Otherwise, it will be another 1 trillion USD income.

 

[SaadH]

Interesting figures. china gdp is about 75% of us gdp. but chinese govt revenues are less than half of us govt revenues. it shows china is a low tax government.

And in the US, the top tier don't even pay their fair share of taxes, neither do corporations.

Imagine the revenue at US gov't's disposal if the biggest earners paid their share.

That's was the norm in 50's/60's and as a result we built the interstate highway system and put the man on moon and a single family earner out of high school could build a home, put his kids through college and retire early.

And now billionaires have so much money that they figured the best use of it would be a d!ck measuring contest in space.