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On July 24, the Ministry of Finance website published an analysis report on tax revenue in the first half of 2012. According to the report, from January to June 2012, the total national tax revenue was 549.173 billion yuan, a year-on-year increase of 9.8%. The analysis pointed out that the taxation in the first half of the year showed five major characteristics. First, compared with the same period last year, the overall growth rate of tax revenue has fallen sharply. From January to June, the growth rate of total tax revenue fell by 19.8 percentage points over the same period of last year. Secondly, the growth rate of the main tax revenue related to production and management has generally declined. From January to June, domestic value-added tax, consumption tax, business tax and corporate income tax increased by 8.1%, 11.7%, 9.6% and 17.3% respectively, which were 11.6, 8.5, 14.8 and 21.0 percentage points lower than the growth rate of the same period last year. Third, personal income tax income has fallen sharply. From January to June, personal income tax decreased by 8.0% year-on-year, which was 43.4 percentage points lower than that of the same period of last year. Among them, wages and salaries income tax and income tax on production and operation of individual industrial and commercial households decreased by 11.8% and 14.6% respectively. Fourth, the tax revenue associated with real estate has declined. From January to June, the deed tax and real estate business tax decreased by 9.9% and 8.5% respectively, which was 37.4 and 27.9 percentage points lower than the growth rate of the same period last year. Fifth, the growth rate of import taxes has dropped significantly. From January to June, the value-added tax on goods and duties of imported goods increased by 7.4% and 6.9% respectively year-on-year, which was 29.7 and 25.2 percentage points lower than the growth rate of the same period last year. Compared with the same period of last year, the growth rate of tax revenue in the first half of the year has dropped. There are five reasons for this: First, the slowdown in domestic economic growth has led to a slowdown in the growth of tax revenues closely related to economic indicators. From January to May, the added value of industrial enterprises above designated size increased by 10.7%, which was 3.3 percentage points lower than that of the same period of last year. The total retail sales of consumer goods increased by 14.5% from January to May, down 2.1 percentage points over the same period of last year. The profits of industrial enterprises above designated size decreased by 2.4% year-on-year, and the growth rate dropped by 30.3 percentage points over the same period of last year. Second, the decline in the overall price level has caused the growth rate of tax revenue at current prices to fall. From January to May, the national consumer price level rose by 3.5% year-on-year, down 1.7 percentage points from the same period of last year. The ex-factory price of industrial producers fell by 0.3% year-on-year, down 7.3 percentage points from the same period last year. Third, real estate sales fell. From January to May, the sales of commercial housing decreased by 9.1% year-on-year, down 27.2 percentage points from the same period of last year, and the income of real estate-related taxes decreased significantly. Fourth, the growth rate of general trade imports fell sharply. From January to June, the general trade import volume increased by 7.8% year-on-year, which was 25.2 percentage points lower than the growth rate of the same period last year. Fifth, the structural tax reduction policy has caused some major tax types to be reduced to varying degrees. For example, raising the threshold for personal income tax will greatly reduce the tax revenue, and reduce the total revenue growth rate by nearly 2 percentage points. Other policies such as implementing small-scale profit-seeking enterprise income tax preferential policies, raising the value-added tax and business tax threshold, lowering tariffs on some imported goods, supporting tax incentives for the circulation industry, and changing the value-added tax for business tax will all bring corporate income tax and value-added tax. , related tax reductions such as business tax and customs duties. In terms of monthly, compared with January-June, the tax revenue growth in May and June has rebounded. The main reasons are as follows: First, the central bank lowered the deposit reserve ratio in May and increased market liquidity. In May, RMB new loans amounted to 793.2 billion yuan, a year-on-year increase of 43.8%, which drove a substantial increase in the banking industry's business tax. Second, the higher corporate profits in 2011 led to the settlement of corporate income tax in 2012. In the first half of the year, after deducting the settlement of corporate income tax in the previous year, the tax revenue only increased by 7.4%.