Revenues exceed spending growth

PUBLISHED : Friday, 18 April, 1997, 12:00am
UPDATED : Friday, 18 April, 1997, 12:00am

China's revenues were greater than expenditures in the first quarter, the Ministry of Finance says.

Revenues grew 29.3 per cent from a year ago, while expenditures rose 18.3 per cent, Xinhua (the New China News Agency) said yesterday.

Consumer and value-added taxes, China's two major tax measures introduced in 1994, were up 20.1 per cent from the year-ago period.

Business taxes rose 13.3 per cent, while personal income taxes jumped 45.5 per cent.

A finance ministry official urged government departments at all levels to make a greater effort to collect delinquent taxes and pay tax rebates to exporters on time.

Exporters have been battered by the backlog of export rebates that have tied up their cash holdings and discourage their incentives to sell goods overseas.